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WeWork Inc. said it is starting a process to renegotiate nearly all its leases worldwide as the loss-making flexible space provider tries to fix its financial troubles.

The news is full of stories regarding yesterday’s call by WeWork to its landlords serving notice that they were seeking to renegotiate nearly all their leases.

NEW YORK CITY: WeWork said on Wednesday it will attempt to renegotiate nearly all of its leases and may exit some properties, an announcement coming just weeks after the workspace-sharing company sounded the alarm over its ability to remain in business.

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.

The news of lease renegotiation comes a month after executives said the future of the company was uncertain.

A month after saying its continued existence was in doubt, the co-working company says it expects to “exit unfit and underperforming locations.”

WeWork sees the widespread weakness in the commercial real estate market as an opportunity to renegotiate its leases on more favorable terms.

By Ben Glickman Shares of WeWork traded lower after the company said it would hold talks to renegotiate almost all of its leases. The stock was down 6.4% to...

Company to renegotiate its leases worldwide, calling rental costs ‘dramatically out of step with current market conditions’