Seungri's former chain Aori Ramen has filed for bankruptcy.
Though Seungri founded the ramen restaurant, the former Big Bang member gave up ownership and any affiliation with the chain in June of 2019 following the 'Burning Sun' scandal. According to reports on March 26, Aori FNB, also known as Factory N, has filmed for bankruptcy with the Seoul Bankruptcy court on the 24th.
It's reported the ramen chain saw a severe decline in sales following the 'Burning Sun' scandal as well as the Japanese product boycott and the coronavirus pandemic. Factory N's debts are said to currently exceed the total value in assets, and although some of the Aori Ramen branches are still open, they'll be closed in the future, including those opened overseas.
If the bankruptcy application moves forward, Factory N cannot be forced to repay their debts, and a bankruptcy official will allocate assets to creditors.
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Too bad that the most affected people will be the employees especially now during the time of pandemic.
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