CEO of Qoo10 Group Ku Young-bae, who is considered to be responsible for the payment delays of the group’s two subsidiaries, TMON and WeMakePrice, has launched efforts to merge the two online shopping platforms. 

The Singapore-based group announced on Friday that it applied earlier on Thursday to establish a new entity named “K-Commerce Center for World” or KCCW, for the merger of the two platforms, adding that it will initially finance a capital of some 999 million won, or 732-thousand U.S. dollars, for its establishment. 

The group apparently is seeking to normalize operations and prepare for the merger by first setting up a new entity given that a court approval is needed to merge TMON and WeMakePrice.

Ku said it would be difficult to repair the damages from the payment delays with the sale of the two online shopping platforms, adding business operations must be swiftly normalized by cutting costs and revamping the business structure to be focused on profitability, all through a merger.