Drip founder Lekau Sehoana has reacted to the reports of his company’s liquidation.
According to a recent report by Sunday World, Drip Footwear, one of the country’s growing footwear brands, is facing the possibility of being liquidated. The publication reports that an advertising company named WideOpen Platform applied for the company to be liquidated after they could not pay an R20 million bill.
Further reports state that the company is gearing up to sue Drip founder Lekau Sehoana. Drip is said to have agreed to pay millions of rand owed to the company in installments but failed to do so. WideOpen accused them of being insolvent and not being able to pay up.
Sunday World reports that the company’s managing director, Tomer Cohen, said Drip Footwear should be liquidated. The liquidation application details were revealed in court papers. Drop founder Sehoana is believed to have signed an agreement acknowledging his debt and committing to paying more than R3.6 million in three installments.
Taking to his X app page, the businessman reacted to news of liquidation with inspired hope.
“A day in a life of an entrepreneur. You can lose it all, just don’t lose your mind and focus. You’ll need those to rebuild,” he wrote.