Cash-strapped WeWork, the office-sharing company that is trying to negotiate a f...
NEW YORK - Cash-strapped WeWork, the office-sharing company that is trying to negotiate a financial lifeline, has a new problem that may prove costly. It has closed about 2,300 phone booths at some of its 223 sites in the United States and Canada after it says it discovered elevated levels of formaldehyde.
The company, which abandoned plans for an initial public offering last month after investors questioned its mounting losses and the way it was being run, said in an email to its tenants on Monday that the chemical could pose a cancer-risk if there is long-term exposure. An additional 700 booths are closed while more testing is conducted, it said. All the phone booths closed were installed over the past several months, WeWork said.
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