After falling short of its forecasted second-quarter earnings report and a membership decrease of 3% year-over-year, WeWork is at a crossroads and voiced concerns about its future success saying there is now “substantial doubt” looming over the business.

The U.S.-founded co-working giant has 512,000 members in 610 locations in 33 countries but is now focused on the next 12 months, which will involve restructuring the company and looking for capital.

The company was once valued at $71.9 billion and has faced several challenges since its controversial CEO, Adam Neumann, was asked to step down, but with occupancy of its buildings also reduced from 73% to 72%, WeWork has to make some tough decisions and soon.

WeWork’s interim chief executive officer, David Tolley, asserts the difficult property market conditions have created an environment that affected the company’s performance which was weaker than expected in recent months.

“Excess supply in commercial real estate, increasing competition in flexible space, and macroeconomic volatility drove higher member churn and softer demand than we anticipated, resulting in a slight decline in memberships,” he said.

Since failing to go public in 2019, WeWork has made adjusted the business extensively by withdrawing or amending 590 leases, cutting about $19.4 billion worth of future lease commitments.

An action Tolley said it would be “doubling down” upon.

Though WeWork finally went public in 2021 by joining forces with a special-purpose acquisition company, it closed over 95% down over the past year, and its 2025 bonds last traded at 34 cents per dollar.

According to Tolley, the actions outlined above plus negotiating more beneficial leases, better-managing costs, and pursuing new capital through stock or asset sales or the issuance of debt could save the company, however, doubt still looms.