Banana Culture's CEO has spoken out to address the rumors that the label would be shutting down.
CEO Yoo Jae Woong called the rumors over-exaggerated and stated on March 25th that the news "was not true and overexaggerated. Right now, we have boy group TREI and female trainees."
Former EXID member LE also posted on Instagram on this day, with a caption stating: "I have decided to part ways with Banana Culture who I have been with for so long after discussion. From now on, I will show you good sides of myself and good music so please support my new start." LE is final EXID member to have left the agency. Rumors began to grow after reports that trot singer Sung Eun left the label as well to become a freelancer.
Junghwa and Hani left last May, Hyerin in January, and Solji in February of 2020. Claims began to spill that the label was not functioning and that business had been wrapped up, leading to CEO Yoo Jae Woong's direct refutal of the allegations. He also stated that since Banana Culture cannot shut down randomly due to their involvement with Chinese businesses, and that the label is waiting to begin business with other investors, proving Banana Culture's well running activities.