WeMakePrice goes bankrupt after failed turnaround

WeMakePrice's headquarters in southern Seoul (Newsis)

A South Korean court on Monday declared the bankruptcy of WeMakePrice, marking the end of a failed rehabilitation effort to revive the troubled e-commerce business.

The Seoul Bankruptcy Court ruled WeMakePrice bankrupt, roughly a year and half after the platform filed for court receivership on July 29, 2024, along with its e-commerce affiliate Tmon.

In 2024, WeMakePrice and Tmon struggled with delayed payments due to a liquidity crisis associated with its parent company, Qoo10 Group.

Though WeMakePrice sought to pursue a merger or be acquired during the rehabilitation process, it struggled to find a buyer.

In September, the court terminated the rehabilitation proceedings for the platform, hinting that the company has no prospect of rehabilitation and will proceed to bankruptcy.

“It has been clearly established that the liquidation value of the debtor’s business exceeds its going-concern value,” the court said in September.

With the termination of the rehabilitation procedure, the court may declare bankruptcy on its own authority.

Meanwhile, the outlook for its affiliate Tmon remains blurred as well. Local food delivery company Oasis acquired Tmon in June, but has since struggled to keep the business afloat.