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Cash-strapped WeWork, the office-sharing company that is trying to negotiate a financial lifeline, has a new problem that may prove costly.
The company headquartered in New York City 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.
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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.
After a tenant complained of odor and eye irritation, WeWork began testing and based on the results took 1,600 phone booths out of service, the company said in the email to tenants, which it calls members.
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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.
'The safety and well-being of our members is our top priority and we are working to remedy this situation as quickly as possible,' WeWork said in a statement.
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More costs are the last thing needed at the company, which some analysts...
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