SEOUL — TMON and WeMakePrice, two major e-commerce platforms owned by Singapore-based Qoo10, have applied for court receivership due to significant liquidity issues that have hindered their ability to pay vendors. This step was taken on Monday as both platforms seek judicial help to reorganize their debts.
According to Yonhap News Agency, the financial distress faced by these companies stems from the aggressive merger strategies of their parent company, Qoo10, which have led to substantial financial shortfalls. This has resulted in unpaid vendor bills amounting to approximately 210 billion won (US$151.7 million), a figure that is feared to increase further. The Seoul Bankruptcy Court is reviewing the receivership application and is expected to make a decision within a week.