South Africa’s most-loved local sneaker brand Drip Footwear faces liquidation in its assets after failure to pay R20 million in advertising services.
Originated in 2019, by businessman and founder Lekau Sehoana, has officially come to an end.
As per reports by news publication, BizCommunity, the footwear company was sued by advertising company Wideopen Platform for failure to pay the monies due to them. The news publication also states due to this money not being paid Lekau’s assets had been liquidated.
According to BusinessLIVE, due to the company going into the liquidation process, the sneaker brand has had to close 14 of its stores while retrenching its employees.
ZiMoja reports that the company employees were sent letters of termination saying, “Kindly note that the business has taken every measure to attempt and avoid the liquidation process. Unfortunately, this was an eventuality that could not be avoided, notwithstanding the measures considered by the business.”
Online publication MDN NEWS on X (formerly known as Twitter) posted videos of the company’s assets being taken away.
A video showing some of Drip Footwear company assets being removed from its factory following the High Court’s order for liquidation.
The liquidation process involves selling off the company’s assets to pay off its debts, and once that process is complete, the company will be… pic.twitter.com/oG9NbcUjUR
— MDN NEWS (@MDNnewss) October 9, 2024
Often The role of a wife is vital in determining whether you succeed or not. I watched his wife telling her stories about how she and him started this business and when the man was successful he started behaving badly
— Kobus (@KobusKoekemoer_) October 9, 2024
There is a level of business that needs education and educated people more than influencers and celebrities.
— Nzombane (@Mabovini_ZN) October 9, 2024
If i was him i was going to come up with another sneaker line and call it “Liquidation”
— THEGLUE ? (@TMNLMNKRL) October 9, 2024
Also see: Internet users petition to stop buying Drip sneakers
