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(Photo= Yonhap news) |
[Alpha Biz= Reporter Kim Jisun] WEMAKEPRICE (WMP) will commence unpaid leave for all employees, except for a small number essential to the company's restructuring process, starting from September 6.
On the 5th, WMP CEO Ryu Hwa-hyun announced, "We are seeking individual consent for unpaid leave for all employees involved in tasks other than those related to the restructuring, such as product sourcing, which cannot be carried out at the moment."
According to data from the National Pension Service, WMP employed around 400 people until mid-July, just before the T-MEP (Timon-WEME) settlement issue arose. Over the following month, approximately 140 employees voluntarily left the company. With this latest development, more than 250 employees, excluding up to 20 involved in restructuring tasks, will be placed on indefinite unpaid leave. Since the crisis began, around 95% of employees have left the company either voluntarily or otherwise. The court is expected to decide on the commencement of the restructuring process for the two companies before the Chuseok holiday, based on creditors' opinions.
Currently, some private equity firms (PEFs) are considering investments based on legal restructuring procedures. However, the industry views significant staff reductions as unavoidable for business normalization.
WMP is part of the Qoo10 Group, which includes Timon, Interpark Commerce, Qxpress, and Wish. The Qoo10 headquarters in Singapore has already laid off more than 80% of its employees. Additionally, Timon notified some employees of recommended resignations on August 29.
AlphaBIZ Kim Jisun(stockmk2020@alphabiz.co.kr)
