WeWork's 2025 junk bond falls to record low

FILE PHOTO: A WeWork logo is seen outside its offices in San Francisco, California, U.S. September 30, 2019. REUTERS/Kate Munsch/File Photo

NEW YORK (Reuters) - Shared-office operator WeWork’s 2025 junk bond fell to a record low on Monday, with its last yielding bid at 16.06%.

The We Company, owner of WeWork, said on Wednesday that net losses in the third quarter more than doubled to $1.25 billion. The company had added a record number of desks to its global network but was unable to control rising costs.

The New York Times reported on Sunday that WeWork is preparing to cut 4,000 jobs, citing two people with knowledge of the matter.

Reporting by Megan Davies; Additional reporting by Herbert Lash; Editing by Leslie Adler