31-07-2024, 12:53 PM
![](https://i.imgur.com/CLvY2jA.png")
Ku,the founder and CEO of Singapore-based Qoo10, pledged to offer “everything I have”
31-07-2024, 12:58 PM
Qoo10 is in competition with lazarda and shoppee.
It is operationally and financially the weakest.
It is operationally and financially the weakest.
I, being poor, have only my dreams; I have spread my dreams under your feet; Tread softly because you tread on my dreams.
31-07-2024, 01:12 PM
"The maximum amount of funding the company [Qoo10] can mobilize at this point is 80 billion won, but I'm not sure if we would be able to tap into it immediately," said Ku.
The WeMakePrice CEO stressed that the intention of the filing is not to acquire a bailout, saying "I will do everything I can with my life on the line to normalize the company's operations."
Ku Young-bae, founder and CEO of troubled Qoo10, estimated the maximum amount of funds available within the company to be 80 billion won ($57.8 million) amid a massive cash crunch plaguing e-commerce platforms TMON and WeMakePrice.
As the two companies filed for receivership with the Seoul Bankruptcy Court on Monday, the court froze the assets and debts of the online marketplaces on Tuesday, effectively suspending all payouts to sellers.
Regarding the accusation that Qoo10 used the money owed to sellers for aggressive business expansion, namely the recent acquisition of the California-based e-commerce platform Wish, Ku acknowledged that the company used funds from TMON and WeMakePrice for the 25 million won deal, but stressed that "the money was repaid within a month."
However, the chief financial regulator said that Ku's response "cannot be trusted."
https://koreajoongangdaily.joins.com/new...is/2101890
The WeMakePrice CEO stressed that the intention of the filing is not to acquire a bailout, saying "I will do everything I can with my life on the line to normalize the company's operations."
Ku Young-bae, founder and CEO of troubled Qoo10, estimated the maximum amount of funds available within the company to be 80 billion won ($57.8 million) amid a massive cash crunch plaguing e-commerce platforms TMON and WeMakePrice.
As the two companies filed for receivership with the Seoul Bankruptcy Court on Monday, the court froze the assets and debts of the online marketplaces on Tuesday, effectively suspending all payouts to sellers.
Regarding the accusation that Qoo10 used the money owed to sellers for aggressive business expansion, namely the recent acquisition of the California-based e-commerce platform Wish, Ku acknowledged that the company used funds from TMON and WeMakePrice for the 25 million won deal, but stressed that "the money was repaid within a month."
However, the chief financial regulator said that Ku's response "cannot be trusted."
https://koreajoongangdaily.joins.com/new...is/2101890
01-08-2024, 10:11 AM
They are going to blame China for being better than them.
« Next Oldest | Next Newest »
Users browsing this thread: 1 Guest(s)
