 |
Photo courtesy of Yonhap News |
[Alpha Biz= Kim Jisun] SEOUL, November 10, 2025 — E-commerce platform operator WeMakePrice (formerly “WEMAKEPRICE”) has been officially declared bankrupt after the Seoul Bankruptcy Court confirmed the termination of its corporate rehabilitation proceedings. The decision comes 1 year and 4 months after the company first applied for court-supervised restructuring in July 2024.
The court’s ruling by the Rehabilitation Division 3 (Presiding Judge Jung Jun‑young) on September 9, followed a finding that the liquidation value of WeMakePrice exceeded its value as a going concern — prompting the end of “rescue” efforts and paving the way for formal bankruptcy.
At the time of filing, and as confirmed by industry sources, the company faced claims by approximately 108,000 vendors and customers, with unpaid liabilities estimated at ₩580 billion (≈US $420 million).
The decision effectively wipes out recovery hopes for those with claims against the company, as available assets are reported to be negligible. One victims’ advocacy group, the Black Umbrella Emergency Response Committee representing “Timon & WeMakePrice” claimants, decried the outcome as a “death sentence” for restitution, stating that the current legal regime fails to reflect the realities of online platform commerce.
Founded in 2010 as “WeMakePrice,” the company rebranded in 2013 and underwent acquisition by Singapore-based Qoo10 in 2023. Following the launch of a major settlement and refund crisis in July 2024, and a failed takeover by Genesis BBQ Group earlier this year, the firm’s rehabilitation process never secured a buyer — in contrast with rival TMON which was acquired by Oasis Corporation.
The court has appointed Im Dae‑seop as bankruptcy trustee. Claims registration is open until January 6 2026, with the creditor meeting and investigation scheduled for January 27 at Seoul Bankruptcy Court.
Alphabiz Reporter Kim Jisun(stockmk2020@alphabiz.co.kr)
