WeMakePrice faces liquidation as court ends rehabilitation proceedings

WeMakePrice's office in southern Seoul / Yonhap

E-commerce platform operator WeMakePrice was poised to face liquidation as a Seoul court decided to terminate the company's rehabilitation proceedings.

Last September, WeMakePrice, along with its then sister company TMON, entered court-led rehabilitation proceedings after they struggled to make payments to vendors due to liquidity issues.

The Seoul Bankruptcy Court said it would terminate the proceedings for WeMakePrice as it failed to submit a rehabilitation plan by last Thursday's deadline. The decision will be confirmed if an appeal is not made within 14 days.

If rehabilitation proceedings are terminated due to a company's inability to carry out a rehabilitation plan, insolvency is effectively the only option left.

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 in June after the court approved its rehabilitation plan.