WeWork loses $153.7m in January

Co-working company WeWork lost $153.7m (£119.7m) in January, with expenses including lawyer fees piling up. The company revealed the loss in an SEC filing made as part of its ongoing bankruptcy procedure. WeWork said in the statement that the monthly results have not been audited and do not comply with generally accepted accounting principles, adding that they are being produced under order from the bankruptcy courts and “should not be relied on […] for information relating to the current or future financial condition of [the company]”. WeWork brought in $89.7m of revenue over the month, with operational costs of almost $89m and general, administrative, and other expenses of more than $83m. The company also paid out almost $7m on consultancy and lawyer fees. WeWork has been renegotiating leases with landlords around the world over recent months, a process that has seen it exit many locations, other than those closing in the US and Canada as part of its bankruptcy. In London, pending closures include 131 Finsbury Pavement, EC2, and 22 Long Acre, WC2.