Court declares bankruptcy of Interpark Commerce
Interpark's headquarters / Yonhap
Interpark Commerce, an online retail subsidiary of e-commerce giant Qoo10 Group hit by an insolvency crisis last year, was declared bankrupt by a court Tuesday.
The Seoul Bankruptcy Court made the ruling one year and four months after Interpark Commerce applied for rehabilitation proceedings in August 2024.
Creditors have until Feb. 20 next year to file claims. The creditors' meeting and claims investigation will be held on March 17, 2026.
Interpark Commerce has suffered serious financial difficulties and a chain of exodus of sellers and customers since July last year, when Qoo10 Group's two other subsidiaries — TMON and WeMakePrice — filed for court receivership due to liquidity problems that resulted in massive delayed payments to vendors on their platforms.
The court began rehabilitation proceedings for Interpark Commerce in November last year but failed to find potential acquisition candidates. It decided to terminate the rehabilitation proceedings at the beginning of this month.
The court had declared WeMakePrice bankrupt on Nov. 10, while TMON was acquired by grocery delivery platform Oasis in June.