WeWork is reportedly preparing to file for bankruptcy after warning in August that there was “substantial doubt” about its ability to continue.

According to Reuters, the company had $2.9 billion net long-term debt in June and more than $13 billion in long-term leases. The company has struggled as a result of the economy and rising interests rates.

WeWork’s reversal comes after it was valued as high as $47 billion in 2019. Despite SoftBank sinking billions into the company and its efforts to go public, WeWork has never been able to deliver on its promise, or on a fundamentally sound business strategy.