restructuring Archives | Be Korea-savvy
Mired in the Red, Coupang Recruits Restructuring Specialist

Mired in the Red, Coupang Recruits Restructuring Specialist

SEOUL, Apr. 26 (Korea Bizwire) — Coupang Inc., a South Korean shopping portal, has transitioned into a tripartite leadership structure after recruiting a restructuring specialist as head of the human resources department, leading many to anticipate major restructuring of the company recently stricken with massive losses. Coupang was previously led by a single representative structure [...]

Local Builders Speed Up Restructuring to Brace for Industry Slump

Local Builders Speed Up Restructuring to Brace for Industry Slump

SEOUL, Dec. 5 (Korea Bizwire) — Local builders are resorting to early retirement plans and large-scale manpower reshuffles to weather a possible industry-wide slump going forward, people in the sector said Wednesday. Samsung C&T has been carrying out staff restructuring over the past two years and recently opened an early retirement package to employees who [...]

Retail Sales, Industrial Output Face Slump in Restructuring-hit Regions

Retail Sales, Industrial Output Face Slump in Restructuring-hit Regions

SEOUL, Nov. 15 (Korea Bizwire) — Retail sales and industrial output in restructuring-hit regions remained in a slump in the third quarter, government data showed Thursday. According to the data compiled by Statistics Korea, retail sales in South Gyeongsang Province, North Jeolla Province and Ulsan declined 2.3 percent, 1.2 percent and 1.2 percent, respectively, in [...]

Restructuring-hit Regions Suffer Higher Jobless Rates

Restructuring-hit Regions Suffer Higher Jobless Rates

SEJONG, Aug. 29 (Korea Bizwire) — Corporate restructuring-hit regions in South Korea logged higher jobless rates, data showed on Wednesday, adding to concerns that the current employment market slump may become a long-drawn affair. According to the numbers released by Statistics Korea, the jobless rate in Geoje, home to the country’s major shipyards, including Daewoo [...]

Shipbuilding Industry Braces for Further Restructuring

Shipbuilding Industry Braces for Further Restructuring

SEOUL, Jul 2. (Korea Bizwire) — With the South Korean shipbuilding industry reeling from years of hardship, another wave of restructuring is expected to hit in the second half of the year. As the shipbuilding industry has been facing a long-term recession on a global scale, those who have worked in the industry have either [...]

S. Korea Designates Ulsan, Other Restructuring-hit Regions as Emergency Industrial Zone

S. Korea Designates Ulsan, Other Restructuring-hit Regions as Emergency Industrial Zone

SEJONG, May 29 (Korea Bizwire) — South Korea has designated Ulsan, Geoje, Mokpo and several other regions, home to the country’s shipbuilders and related industries, as an emergency response zone to provide job support and tax incentives as these areas are reeling from high unemployment, the commerce ministry said Tuesday. The designation came as local [...]

Sungdong Shipbuilding to File for Court Receivership: Finance Minister

Sungdong Shipbuilding to File for Court Receivership: Finance Minister

SEOUL, Mar. 8 (Korea Bizwire) — South Korea’s midsized shipbuilder Sungdong Shipbuilding and Marine Engineering Co. will file for a court receivership, Finance Minister Kim Dong-yeon said Thursday. Another troubled shipbuilder, STX Shipbuilding Co., will face intense restructuring efforts to overhaul its operations, Kim told a meeting of relevant ministers. The two shipbuilders have been [...]