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Report: WeWork halts all new lease agreements

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Shared workspace provider WeWork put a stop to new lease agreements with property owners, people familiar with the matter told the Financial Times.

The decision comes as the company prepares to lay off thousands of its more than 12,000 employees over the coming weeks. The jobs of about 20 employees with close ties to co-founder Adam Neumann were planned to be cut on Thursday.

Neumann resigned as CEO earlier in the week in the wake of the company's initial public offering falling through.

WeWork is the biggest office tenant in New York and one of the largest in London, according to the Financial Times.

Read more from the Financial Times.

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