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WeWork seeking to exit some Canadian locations as part of bankruptcy filings

WeWork is seeking an early exit of several Canadian leases as part of bankruptcy proceedings for the once high-flying office sharing company.

Filings show the company is looking to get out of two leases in Toronto, two in Vancouver, and one in Burnaby, B.C. as part of its efforts to improve its balance sheet.

The five Canadian locations make up a small portion of the 69 total leases it sought permission to leave early, with most in New York.

The company said in a late Monday announcement that it had a deal in place with the majority of its stakeholders to “drastically reduce” its debt as it works to reduce its commercial office lease portfolio.

It filed for Chapter 11 bankruptcy protection in U.S. District Court in New Jersey, with plans to also file recognition proceedings in Canada, according to Monday’s announcement.

WeWork locations outside of the U.S. and Canada will not be affected by the proceedings, the company said, as well as franchisees worldwide.