The firm is looking for protection for its locations in British Columbia, Alberta, Manitoba, Ontario and Quebec. It also filed for bankruptcy protection in the United States in August. (The Globe and Mail)
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The firm is looking for protection for its locations in British Columbia, Alberta, Manitoba, Ontario and Quebec. It also filed for bankruptcy protection in the United States in August. (The Globe and Mail)
Talking point: IWG is the world’s largest co-working-space provider, with over 3,000 locations worldwide and 137 in Canada. Pandemic-induced remote working reduced demand for co-working spaces, and some of the firm’s subtenants were late on their rental payments. The firm sought bankruptcy protection in the U.S. after landlords threatened to lock it out. One Edmonton landlord did lock IWG out, but the firm was able to get a court order to get back in. It’s mostly been paying its rent in Canada, but does owe $2.2 million across all properties. At least one of IWG’s landlords, Allied REIT, isn’t planning on cutting the firm any breaks, saying it wouldn’t reduce its rent.
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