Oasis, a leading fresh grocery delivery firm, announced on Monday the acquisition of e-commerce platform TMON for ₩11.6 billion (£6.5 million), marking a decisive move toward reviving the platform’s operations after a period of financial distress.
The Seoul Bankruptcy Court formally approved Oasis’s rehabilitation plan for TMON, despite opposition from a majority of creditors at a recent meeting. The court cited the broader benefits to creditors, employees and related stakeholders in its decision to allow the acquisition to proceed.
The transaction will be executed entirely through the issuance of new shares, with Oasis committing ₩11.6 billion in capital. In addition, the company has pledged a further ₩6.5 billion (£3.7 million) to address TMON’s outstanding obligations, including unpaid wages and severance payments. This brings the total acquisition cost to ₩18.1 billion (£10.2 million).
Oasis, which operates the Oasis Market platform, emphasised its commitment to a long-term integration strategy, promising to retain TMON’s employees for at least five years. It further outlined plans to introduce a vendor payment system that disburses funds the day after a sale is confirmed and aims to implement the industry’s lowest commission rate. TMON will maintain its brand identity and continue operations as a standalone entity.
In a statement, Oasis described the TMON revival as a “symbolic case demonstrating the strength of a homegrown platform that represented the first generation of e-commerce”.
The full integration and recovery process is expected to take one to two months, though the official date for the relaunch of TMON’s services has yet to be announced.
-Korea Joong Ang Daily
