A WeWork facility, imagined in the Midjourney AI

WeWork will file for bankruptcy as early as next week as the SoftBank Group-backed company struggles with massive debt and hefty losses.

Shares of the flexible workspace provider fell 32% in extended trading after the Wall Street Journal reported the news (paywall) and have fallen roughly 96% this year, according to Reuters.

WeWork South Africa is an entirely separate entity, 100% owned by SiSebenza, and is not affiliated with WeWork globally.

“The recent news about WeWork global’s chapter 11 bankruptcy filing in the US will not impact local operations and South African members and stakeholders are reassured that operations will continue as normal,” SiSebenza said in a statement on Wednesday.

WeWork South Africa executive director Andrew Robinson and CEO Stefano Migliore confirmed that global developments will not affect operations in South Africa.

“Since SiSebenza acquired WeWork South Africa in March this year, our focus has been on expanding the WeWork brand in Ghana, Kenya, Mauritius and Nigeria, and growing our presence in South Africa. Our business’s core elements remain strong, and our primary objective is to achieve growth and sustainability,” they said. – © 2023 NewsCentral Media