Following WeWork’s announcement to commence a strategic reorganisation process in the U.S. and Canada, WeWork South Africa confirms that it is not part of the North American process.
“WeWork South Africa is 100% independently owned by SiSebenza, and operates independently from WeWork in the US and Canada,” say Andrew Robinson and Stefano Migliore, the owners of WeWork South Africa.
“Importantly, as an independent entity, we are not part of this strategic reorganisation process and there will be no impact on our members, vendors, employees, and real estate partners.”
The WeWork South Africa business is strong and committed to investing in its future growth and remains fully focused on delivering exceptional and innovative flexible workspace solutions for its members.
“While our counterparts work to improve their business’ economics, position their community to grow, and enable their company to continue delivering best-in-class services to its members, our operations remain unchanged. We will continue to provide the service and experience our members have come to expect from us,” adds the local South African team whose focus is on expanding the WeWork brand into Ghana, Kenya, Mauritius, Nigeria, and growing its presence in South Africa.
Also read: WeDidn’tWork: WeWork Files For Bankruptcy In The United States
Flexible office space company WeWork, once valued at $47 billion, has filed for Chapter 11 bankruptcy protection in the United States.
WeWork, humorously dubbed WeDidn’tWork by some, assured that its franchisees worldwide remain unaffected by these proceedings. The bankruptcy filing specifically pertains to WeWork’s locations in the U.S. and Canada.
In an official statement, the New York-based company outlined its strategic plan, emphasizing a deliberate approach aimed at maximizing value. WeWork intends to reject leases for specific non-operational locations, with advanced notice provided to all affected members. This move is part of their effort to position the company for operational and financial success.
“It is the WeWork community that makes us successful. Our more than half-million members around the world turn to us for the best-in-class spaces, hospitality, and technology that our 2,500 dedicated employees and valued partners provide. WeWork has a strong foundation, a dynamic business, and a bright future,” David Tolley, CEO of WeWork said.
“Now is the time for us to pull the future forward by aggressively addressing our legacy leases and dramatically improving our balance sheet,” Tolley continued.
