WeWork South Africa is distancing itself from WeWork World’s chapter submitting, stating to TechCabal that it’s by no means affiliated with the corporate.
WeWork South Africa has said that it gained’t be affected by WeWork World’s looming Chapter 11 bankruptcy submitting within the US. In March, WeWork entered a franchise “partnership” with SiSebenza, a pan-African actual property investor, which gave SiSebenza the unique proper to function WeWork’s present areas in South Africa. The deal additionally granted SiSebenza unique rights to develop and function the WeWork franchise in Ghana, Kenya, Mauritius and Nigeria.
Though the preliminary settlement was referred to by each events as a partnership, WeWork SA has said in a communication to TechCabal that it’s by no means affiliated with WeWork World. It additionally added that it has 100% possession of WeWork SA.
“We wish to emphasise that WeWork South Africa operates as a wholly separate entity, with full possession by SiSebenza, and no affiliation with WeWork World. Because of this the latest international actions undertaken by WeWork World may have no affect on our native operations in South Africa,” the corporate stated in a press release to TechCabal.
WeWork opened its first South Africa location in 2019 at WeWork The Hyperlink in Rosebank, Johannesburg, adopted by WeWork 80 Strand in Cape City and WeWork 155 West Road in Sandton, Johannesburg.
It seems most franchisees of WeWork World are distancing themselves from the troubled firm. WeWork India additionally assumed the same stance as WeWork South Africa in regards to the chapter.