TMON, WeMakePrice file for court receivership amid liquidity crisis


Consumers who have experienced delayed payments from e-commerce platforms Tmon and WeMakePrice held a protest with umbrellas outside the Qoo10 headquarters in Seoul, demanding an apology and actions to address the damage caused. The two platforms, which are owned by Singapore-based Qoo10, have filed for court receivership due to ongoing financial difficulties resulting from their failure to repay vendors operating on their platforms. The crisis has been exacerbated by the owner's liquidity issues, which are reportedly linked to aggressive merger deals. The unpaid bills from the two marketplaces amount to approximately 210 billion won (US$151.7 million), with concerns that this figure may continue to rise. The platforms have submitted their receivership filing to the Seoul Bankruptcy Court, and a decision on whether to accept the request is expected within about a week. (Source: Yonhap)


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