September 27, 2019 / 12:55 AM / 2 months ago

WeWork halts all new lease agreements with property owners: FT

FILE PHOTO: The WeWork logo is displayed on the entrance of a co-working space in New York City, New York U.S., January 8, 2019. REUTERS/Brendan McDermid/File Photo

(Reuters) - WeWork is halting all new lease agreements with property owners as the U.S. office-sharing startup looks to curtail costs, the Financial Times reported on Thursday citing people briefed on the matter.

Parent firm We Company postponed its initial public offering last week after investor scrutiny over widening losses and corporate governance, as well as a business model that relies on long-term liabilities and short-term revenue.

WeWork did not respond to a Reuters request for comment on the report.

Reporting by Philip George in Bengaluru; Editing by Christopher Cushing

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