Global co-working giant WeWork is looking to reduce the space it occupies in at least three of its Australian locations, while nevertheless committing to keeping all 15 of its existing local hubs up and running, as its US parent files for bankruptcy.

Heavily anticipated, WeWork’s US bankruptcy filing is the latest move in the company’s efforts to stay afloat as it juggles a heavy debt load and its own rental obligations with weakening demand for office space. The clock was ticking after the company told investors in August there was “substantial doubt” over its ability to continue as a going concern.