GPT tldr: Chaos erupted at the offices of the e-commerce platform TMON in Seoul as thousands of angry customers swarmed the building demanding refunds amid the company’s liquidity crisis. With no clear protocol in place, the crowds grew unruly as they tried to register for refunds, with many leaving empty-handed. TMON and its sister company WeMakePrice have been unable to pay their sellers since May, leading to a flood of canceled purchases and refund requests that the companies have struggled to process. Customers whose travel packages were canceled expressed frustration at the lack of progress, with one saying the waiting numbers and registration forms seemed meaningless. Despite TMON’s efforts to process 1,000 refunds on-site, the massive crowds far exceeded that number, leaving many customers still waiting to get their money back.
Fun fact: TMON’s parent company, Qoo10, owns wish.com.
Something like that. They sold $50 worth of gift cards at about 10% off pretty regularly, so a lot of people bought many of them. Turns out it was a clear red flag. Now those gift cards are being refused by basically all other businesses.
Oh the classic, we’re giving away free money but we’ll make it up on volume play