restructuring Archives | Be Korea-savvy
Retail Giants Undergoing Painful Restructuring amid Earnings Shock

Retail Giants Undergoing Painful Restructuring amid Earnings Shock

SEOUL, Feb. 20 (Korea Bizwire) — After years of a slump and dwindling profitability, South Korean retail giants have turned their eyes to the online business in the face of growing e-commerce operators that have changed the landscape of the retail industry here. Despite the retail behemoths’ heavy spending on IT infrastructure to revamp its [...]

Lotte to Sell Assets on Widened Losses; Emart Logs Weak Earnings

Lotte to Sell Assets on Widened Losses; Emart Logs Weak Earnings

SEOUL, Feb. 13 (Korea Bizwire) — Lotte Shopping Co., the operator of South Korea’s biggest department store chain, said Thursday it will sell assets after posting a loss for 2019, while the country’s largest discount store chain operator, Emart Inc., reported weaker than expected earnings as well. Lotte Shopping will sell 200, or 30 percent, [...]

Juul Pushes Ahead with Restructuring of Korean Subsidiary

Juul Pushes Ahead with Restructuring of Korean Subsidiary

SEOUL, Jan. 17 (Korea Bizwire) — U.S. e-cigarette maker Juul Labs Inc. has decided to restructure its Korean unit following its headquarters. Juul Labs Korea said Thursday, “We are looking at how best we can reorganize our operations locally in each country we are currently working in, and we are making individual adjustments to each [...]

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 [...]