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 $3.32 in Wednesday afternoon trading, reaching a fresh 52-week low. Shares have fallen 94% this year.
David Tolley, interim chief executive of the co-working space provider, said in a blog post the company was seeking to fix its portfolio of costlier leases and lower its lease liabilities. The company will remain in most of its buildings, but will seek to exit underperforming locations.
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