The head of Qoo10, the Singapore-based parent company of TMON and WeMakePrice, announced on Friday that the process of merging the two e-commerce platforms has commenced in order to address the financial difficulties they are facing. Qoo10 has applied for the establishment of a new business entity called K-Commerce Center for World with an initial capital of 1 billion won to facilitate the merger, which is subject to approval from the Seoul Bankruptcy Court. Both TMON and WeMakePrice filed for corporate rehabilitation last month due to their inability to meet financial obligations to vendors and customers, stemming from liquidity problems caused by the parent company's aggressive merger activities. Financial authorities suspect that there are over 1 trillion won in unpaid bills and other liquidity issues related to the situation. As part of the merger proposal, Ku Young-bae, the South Korean founder and CEO of Qoo10, has announced plans for Qoo10 to divest its entire stakes in TMON and WeMakePrice, while placing his entire 38 percent stake in Qoo10 under the control of KCCW. Qoo10, established in 2010, acquired TMON in 2022 and WeMakePrice the previous year. The chief of Qoo10, the parent company of TMON and WeMakePrice, has initiated the process of merging the two e-commerce platforms in response to their financial crisis. This involves the establishment of a new business entity, K-Commerce Center for World, with an initial capital of 1 billion won, subject to approval from the Seoul Bankruptcy Court. Both TMON and WeMakePrice sought corporate rehabilitation after failing to meet financial obligations, with financial authorities suspecting over 1 trillion won in unpaid bills and other liquidity issues. As part of the merger proposal, Qoo10's CEO plans to divest the company's entire stakes in TMON and WeMakePrice, while placing his entire 38 percent stake in Qoo10 under the control of KCCW. Qoo10, founded in 2010, acquired TMON in 2022 and WeMakePrice the previous year.