South Korea’s WeMakePrice declared bankrupt by Seoul court

South Korea’s major e-commerce platform WeMakePrice has been declared bankrupt by the Seoul Bankruptcy Court, marking the end of its rehabilitation efforts after struggling financially for over a year. The decision came approximately 16 months after WeMakePrice filed for court receivership in July 2024 due to a large-scale unpaid settlement crisis that impacted thousands of buyers and sellers.

The court cited the absence of a viable rehabilitation plan and concluded that the liquidation value of WeMakePrice’s business exceeded its going-concern value. Following this, the court terminated the company’s rehabilitation proceedings in September 2025 and officially declared bankruptcy in November. Attorney Lim Dae-seop has been appointed the bankruptcy trustee to oversee liquidation and asset distribution.

WeMakePrice’s financial troubles stemmed from liquidity issues linked to its parent company, Qoo10 Group, which led to delayed payments and refunds affecting approximately 520,000 people, including 470,000 buyers and 56,000 sellers, resulting in estimated damages of about 1.5 trillion Korean won. Efforts to find buyers or merge with other companies during the rehabilitation period failed.

Meanwhile, WeMakePrice’s former affiliate, TMON, was acquired by Oasis Corp., a grocery delivery platform, earlier in 2025 but continues to face operational challenges.

The bankruptcy has sparked criticism from victim groups demanding government intervention and stricter regulations to prevent similar occurrences in South Korea’s e-commerce landscape. Industry experts also highlighted the case as symptomatic of broader challenges in the domestic online retail market amid increasing competition and regulatory scrutiny.

In summary, the Seoul court’s bankruptcy declaration of WeMakePrice concludes a prolonged financial crisis for the once-prominent e-commerce player, with millions of stakeholders left grappling with unpaid claims and losses. The case underscores the pressing need for stronger consumer protection measures and governance reforms in South Korea’s fast-evolving e-commerce sector.