Bookstore whose largest shareholder is former President Chun Doo-hwan's eldest son goes bankrupt = South Korea

Bookslibro, a bookstore whose largest shareholder is Chun Jae-kuk, the eldest son of former South Korean President Chun Doo-hwan, has officially gone bankrupt.
On the 10th, the Seoul Reorganization Court declared the book sales and bookstore operator Bookslibro bankrupt.
Bookslibro, which operated eight offline stores nationwide, was indicted by the Seoul Reorganization Court in August after facing a liquidity crisis.
Founded in November 1994, Bookslibro sold off its online bookstore business in 2010 and focused on its offline bookstore business, but its financial situation deteriorated.
According to the Korea Publishing Culture Association, the company's debts as of November last year amounted to about 8 billion won (about 847.5 million yen) in publishing debt and about 40 million won (about 4.24 million yen).
Meanwhile, the remaining inventory in branches and warehouses was said to be about 4 billion won (about 423.8 million yen), and the rental deposit was about 500 million won (about 52.97 million yen).