Drip Footwear enters liquidation... but can it revive?
Several parties have shown interest in acquiring the brand post liquidation.
Photo: Facebook/DripSportif
The Drive with Thando team on 947 speaks to Kim Warren, Director of KWA Attorneys.
Listen below.
It might be the end of the road for South African footwear brand Drip after the company’s assets were seized as it went into liquidation.
Drip entered into liquidation after advertising firm Wideopen Platforms took them to the High Court over R20 million in unpaid debt.
Warren, whose firm represented Wideopen Platforms during the case, says liquidation was a last resort.
“It wasn’t a decision that was taken lightly by my client. For about a year and a half we’ve been trying to nurse Drip through to settle the debt to Wideopen.”
– Kim Warren, Director – KWA Attorneys
Founded in 2019 by Lekau Sehoana, Drip Footwear quickly became a prominent brand.
While it cannot trade under liquidation, the brand can be revived following the process, says Warren.
KWA Attorneys has received several queries from parties interested in acquiring the brand.
“Obviously we just need a bit of time to secure the assets… in the meantime, the liquidator will negotiate with various interested parties and take offers from them to acquire the brand, the business and the stock.”
– Kim Warren, Director – KWA Attorneys
“It can definitely come back and trade under different management.”
– Kim Warren, Director – KWA Attorneys