The South African franchise of WeWork has announced that its operations are independent of WeWork Global’s bankruptcy filing in the US.
Reuters reported that global coworking space provider WeWork Global was planning to file for bankruptcy in the US.
The company, which was valued at $47 billion in 2019, was reportedly struggling to repay debts over $15.9 billion.
The company has struggled since it announced its plans for an IPO in 2019 when questions were raised over the viability of its business model which involves WeWork acquiring properties on long-term leases, and renting them out to others on a short-term basis.