A Seoul court on Monday announced the liquidation of e-commerce platform operator WeMakePrice, two months after terminating the company’s rehabilitation proceedings.
WeMakePrice, along with its then sister company TMON, entered court-led rehabilitation proceedings in July last year, after they struggled to make payments to vendors due to liquidity issues.
The Seoul Bankruptcy Court in September this year terminated the proceedings for WeMakePrice as it failed to submit a rehabilitation plan.
WeMakePrice has sought for a swift acquisition to pay off its liabilities but has struggled to find a buyer.
Meanwhile, TMON was acquired by grocery delivery platform Oasis Corp. in June after the court approved its rehabilitation plan.