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[Alpha Biz=(Chicago) Reporter Kim Jisun] 11th Street has begun restructuring.
11th Street announced on the 27th that it will support members preparing for Next Career and implement a special support program to help the company grow.
All members of the company shall be those aged 35 years or older and who have worked for at least five years. The application deadline is two weeks from this day to the 10th of next month.
Four months' salary will be paid to applicants for voluntary retirement.
The retail industry has been suffering from management difficulties due to the recent economic recession.
GS Retail is also offering voluntary retirement for long-term employees and some organizations this month, while SPC Paris Croissant is also offering voluntary retirement for more than 15 years of service. Lotte Home Shopping, Maeil Dairy and Wemakeprice also carried out voluntary retirement.
11th Street received 500 billion won from financial investors (FI) on the condition of IPO within five years in 2018, but failed to keep its promise due to poor performance and a slump in the IPO market. For this reason, SK Square, a major shareholder, negotiated the sale of 11th Street with Singapore's e-commerce company Qoo10, but failed to narrow differences in the due diligence process and declared a breakdown in negotiations.
Alphabiz Reporter Kim Jisun(stockmk2020@alphabiz.co.kr)
