14. WeWork

How Many Stores Closing: Unknown

Current Value of the Business: $270 million* (down from $47 billion* in 2019)

Once valued at $47 billion, WeWork’s aspirations crumbled after a botched IPO in 2019, spotlighting its financial instability and leadership turmoil. Adam Neumann’s departure and a hefty payout didn’t salvage its reputation. Despite going public in 2021, the shift towards remote work during the pandemic left WeWork’s office-centric business model floundering, valuing the company at merely $270 million.

WeWork’s journey took a harsh turn in 2023 as its shares nosedived by 98%, due to stiff competition, rising interest rates, and economic uncertainty. This drastic decline led to leadership overhauls and cast doubts on the company’s future. WeWork’s struggles highlight the challenges facing the flexible workspace industry, making it a cautionary tale for others.