WeWork SA says it will not be affected by WeWork Global bankruptcy

by MMC
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WeWork South Africa is distancing itself from WeWork Global’s bankruptcy filing, telling TechCabal that it is in no way affiliated with the company.

WeWork South Africa has said it will not be affected by WeWork Global’s imminent project. Chapter 11 Bankruptcy deposit in the United States. In March, WeWork entered into a franchise “partnership” with SiSebenza, a pan-African real estate investor, which gave SiSebenza the exclusive right to operate WeWork’s existing locations in South Africa. The agreement also grants SiSebenza exclusive rights to develop and operate the WeWork franchise in Ghana, Kenya, Mauritius and Nigeria.

Although the initial agreement was discussed by both parties as a partnership, WeWork SA stated in a communication to TechCabal that it is in no way affiliated with WeWork Global. He also added that he owns 100% of WeWork SA.

“We would like to emphasize that WeWork South Africa operates as an entirely separate entity, wholly owned by SiSebenza and with no affiliation with WeWork Global. This means that recent global actions taken by WeWork Global will have no impact on our local operations in South Africa,” the company said in a statement to TechCabal.

WeWork opened its first location in South Africa in 2019 at WeWork The Link in Rosebank, Johannesburg, followed by WeWork 80 Strand in Cape Town and WeWork 155 West Street in Sandton, Johannesburg.

It appears that most of WeWork Global’s franchisees are distancing themselves from the struggling company. WeWork India also assumed the same position like WeWork South Africa about bankruptcy.

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