WeMakePrice, an early pioneer of South Korea’s booming e-commerce sector, is now on the verge of bankruptcy after a Seoul court terminated its corporate rehabilitation process—a dramatic downfall for a company that once helped shape the way Koreans shop online.
On September 9, Judge Jeong Jun-young of the Seoul Bankruptcy Court ruled to end the company’s rehabilitation, a restructuring program roughly akin to Chapter 11 in the U.S. Unless appealed within two weeks, the decision paves the way for liquidation.
Founded in the early 2010s, WeMakePrice gained national attention by popularizing the “social commerce” model—group-buying deals and steep daily discounts that felt like a Korean take on Groupon. At its peak, the platform sold everything from groceries to travel packages, and along with rivals Tmon and Coupang, it helped fuel Korea’s digital retail boom. With near-universal broadband and a tech-savvy consumer base, South Korea quickly became one of the world’s most advanced e-commerce markets, and WeMakePrice was right at the center of it.
But the company’s momentum collapsed last year after a wave of unfulfilled orders and delayed refunds triggered a consumer backlash. While Tmon managed to survive by finding a buyer in grocery delivery firm Oasis—successfully completing its rehabilitation in August—WeMakePrice failed to secure an investor and could not present a viable turnaround plan. That failure ultimately convinced the court to pull the plug.
For now, bankruptcy looms as the most likely outcome. Although WeMakePrice could technically petition for renewed rehabilitation, experts say it is highly unlikely without a dramatic shift in circumstances.
The fall of WeMakePrice highlights the razor-thin margins and relentless competition in South Korea’s e-commerce sector—one often compared to Amazon’s battleground in the U.S., but with even fiercer discount wars. Once a disruptive innovator, the company now serves as a cautionary tale about how quickly fortunes can change in one of the world’s most cutthroat digital markets.
