[Alpha Biz= Kim Jisun] Interpark Commerce, a subsidiary of the Qoo10 Group that triggered a massive unsettled payment crisis worth around KRW 80 billion, has officially declared bankruptcy, 1 year and 4 months after filing for rehabilitation.
Following the bankruptcy of its sister company Wemakeprice a month earlier, Interpark Commerce’s liquidation marks the end of a once-leading first-generation e-commerce platform.
According to the Seoul Bankruptcy Court, on the 16th, the court formally ruled Interpark Commerce bankrupt, initiating the company’s liquidation process. The court had earlier concluded that the value of liquidating the business clearly exceeded that of continuing operations.
Interpark Commerce was originally spun off from Interpark, Korea’s first comprehensive online shopping mall, focusing on shopping and book divisions. It was acquired by Qoo10 Group in March 2023 and expanded by acquiring AK Mall, an online platform of AK Plaza, the following March.
However, in July 2023, along with other Qoo10 Group companies Tmon and Wemakeprice, Interpark Commerce became embroiled in a large-scale unsettled payment scandal, leading to severe financial difficulties and loss of sellers and customers. The company filed for corporate rehabilitation and an autonomous restructuring program (ARS) in August 2023.
Despite attempts to rebrand its services as “Byzzle” and book platform as “Byzzle Books” to recover, Interpark Commerce failed to secure a suitable buyer and receive timely capital inflows, culminating in bankruptcy.
The Fair Trade Commission revealed in September 2023 that unsettled payments involving Interpark Shopping and AK Mall totaled approximately KRW 80 billion.
Alphabiz Reporter Kim Jisun(stockmk2020@alphabiz.co.kr)
