IWG is seeking to close 20% of its locations in New York as it anticipates filing for bankruptcy for its Regus subsidiary in the UK.

Regus closed its flagship location in Midtown East recently, as well as a center in Midtown South. Additionally, Regus filed for bankruptcy protection for a location on 287 Park Avenue South.

A source also revealed that IWG had closed another Regus space in Manhattan, as well as a Spaces location. This makes a total of 11 IWG-owned companies that have either closed or gone into bankruptcy in the city.

Regus has placed 103 of its centers across the US intro bankruptcy as of last week.

“In any restructuring of a guarantor, none of our operations are affected,” a spokesperson wrote in an email. “As the business has expanded in recent years to meet the increased global demand for distributed working, so has the value of the guarantees.”

The company revealed earlier this year that it would close 4% of its global portfolio due to the ongoing pandemic, and while it did not give specifics about which markets would be most impacted, it appears that its New York centers are seeing a higher percentage of closing.