Former K-pop idol Seungri's name has been dragged into several controversies - from the Burning Sun case to dating a rookie actress and now, his Aori Ramen's bankruptcy.
They say, when it rains, it pours. It is reported that the kpop idol's food restaurant has filed for bankruptcy due to several reasons. One of which is the current coronavirus pandemic. Aside from that, the boycott for Japanese stuff for the reason of anti-Japan sentiment.
Aori FNB or Factory N has gone bankrupt since the flare of the Burning Sun scandal burst. Seungri, who founded the said business, got involved with the case; thus, gaining negative reactions from the mob.
Then, on March 24, the company filed for bankruptcy at the Seoul Bankruptcy court due to its persistent drop of sales and multitudes of debts that is beyond the total value of its assets. Factory N declared "Seungri Owner-Risk" as the core reason. Aside from that, the current economic crisis must have contributed to the total downfall of the former star's restaurant business.
Although there are Aori Ramen branches that are still operating like the ones overseas, Malaysia and China, they are also likely to shut down in the near future.
As of the moment, the Seoul Bankruptcy Court will further investigate whether their current exceeding debts are truly not payable or just temporary. If the company's claim would be approved by the said agency, their creditors will not force them to repay their arrears. Nevertheless, the remaining assets of N Factory will be allocated to them.
In March of 2019, Seungri's name was caught under the Burning Sun scandal and excluded from being part of Aori Ramen to gain back the consumers' trust, but it seems that they have failed. The food business continuously plummeted until it would finally close its doors to the public.
