WeWork staying put in Detroit amid restructuring

Driving the news: WeWork will remain open at 19 Clifford St. and 1001 Woodward Ave., the company announced.

• Existing lease agreements with Bedrock will be maintained. WeWork's footprint in other markets could be shrinking as part of its restructuring.

Flashback: WeWork closed a third Detroit location in the TechTown area at 6001 Cass Ave. in 2022.

Between the lines: WeWork reached a $450 million restructuring deal to exit bankruptcy by the end of May.

• Company co-founder and former CEO Adam Neumann is not involved, despite having wanted to buy back his former company.
• Yardi Systems, a property management software provider and WeWork service partner, would become the company's new majority owner with around a 60% stake.