WeWork begins to renegotiate leases globally

(Reuters) -Flexible workspace provider WeWork said on Wednesday it has started off a process of global engagement with its landlords to renegotiate nearly all its leases.

The SoftBank-backed company said it sought to negotiate favorable terms with the landlords and plans to exit unfit, underperforming locations in order to reinvest in its other assets.

“We intend to remain in the majority of our buildings and markets,” the company said in a statement.

Shares of WeWork were up about 9% in morning trade.

(Reporting by Pratyush Thakur in Bengaluru; Editing by Pooja Desai)