WeWork is arguably the biggest name in the co-working office space sector. It has nearly 600 locations in more than 120 cities worldwide, including many in Brazil. In São Paulo alone, it operates 15 office locations. Businesses can choose from shared working spaces, dedicated desks, or even private offices.

Yet with fewer people working from the office today, WeWork has felt the impact. In November of last year, the company filed for bankruptcy in the US. At the time, it reported over $18 billion in debt against just $15 billion in assets.

WeWork’s troubles extend to its operations in Brazil as well. Last month, one of its landlords in São Paulo filed an eviction lawsuit for unpaid rent. This comes on top of at least two more eviction notices tied to other leased properties in the city. According to a statement from WeWork, the missed payments are part of a strategy to renegotiate the terms of its lease agreements.

The company’s financial struggles are not just limited to the US and Brazil. WeWork’s operations across Europe, Asia, and Latin America are also under pressure. The company has been forced to shut down some locations, leaving customers scrambling to find alternative spaces. Staff layoffs have followed too, adding to the challenges.

Meanwhile, competition in the co-working sector continues to grow. Rivals like Regus are expanding, attracting clients with more flexible offerings. WeWork is now racing to restructure and stay afloat, but whether it can adapt to the realities of hybrid work remains uncertain.