Spaces in Toronto, Vancouver and Burnaby are to be closed as WeWork files for creditor protection under the Companies’ Creditors Arrangement Act
The WeWork logo appears on a building exterior in New York on Nov. 7. WeWork has filed bankruptcy protection, marking a stunning fall for the office sharing company once seen as a Wall Street darling that promised to upend the way people went to work around the world.
Separately, WeWork began insolvency proceedings in Canada. It filed late Tuesday afternoon for creditor protection under the Companies’ Creditors Arrangement Act. WeWork’s “lease portfolio has been, and continues to be, a significant contributing factor to their current financial challenges,” the U.S. court documents say.
WeWork has already deleted the four Canadian locations from its website. They are 171 East Liberty St. in Toronto, 1045 Howe St. and 1090 West Pender St. in Vancouver, and 4635 Lougheed Hwy. in Burnaby, B.C.locations, most of which are in Toronto. Others are in Vancouver and Montreal. There is also one in Burnaby and another in Calgary.
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