A Seoul court on Tuesday decided to end WeMakePrice’s court-led rehabilitation after concluding liquidation value outweighed the company’s going-concern value.

The e-commerce firm had failed to submit a rehabilitation plan by the September 4 deadline and could not find a buyer despite earlier court-approved merger talks.

Unless an appeal is filed within 14 days, the ruling will become final, sending the company into bankruptcy proceedings.

WeMakePrice and rival TMON both entered court receivership last year following mass refund and payment failures.

TMON’s case ended differently after grocery delivery company Oasis agreed to acquire it, allowing its rehabilitation to close successfully.

Legal experts say WeMakePrice could reapply for court protection, but barring major changes, chances of approval are slim.