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TMON to resume services following Oasis acquisition

Published: 23 Jun. 2025, 19:15 Updated: 24 Jun. 2025, 00:35

SHIN MIN-HEE
[email protected]

The Oasis headquarters [OASIS]

Oasis, a fresh grocery delivery company, announced Monday that it is acquiring TMON for 11.6 billion won ($8.3 million), paving the way for the resumption of the heavily indebted e-commerce platform’s services.

“Now that the acquisition has been finalized, we plan to focus fully on normalizing TMON’s operations,” said Oasis, which operates the fresh food e-commerce platform Oasis Market.

The Seoul Bankruptcy Court on Monday approved the company's rehabilitation plan, saying that doing so served the interests of creditors, employees and other parties of interest, despite the fact that the majority of relevant creditors had rejected the same plan at a recent meeting.

Per the initial rehabilitation proposal, the acquisition will take place entirely through the issuance of new shares, with Oasis investing 11.6 billion won ($8.2 million). The company plans to inject an additional 6.5 billion won to cover unpaid wages and severance liabilities, bringing the total effective acquisition cost to 18.1 billion won. Oasis has also pledged to retain TMON employees for five years.

In its press release Monday, the company said it plans to implement a system that pays vendors the day after a purchase is confirmed and charge the industry’s lowest commission rate. TMON will continue to operate as a separate brand.

Oasis said it expects TMON’s turnaround to be a “symbolic case demonstrating the strength of a homegrown platform that represented the first generation of e-commerce.”

The company expects the case to take one to two months to complete, a spokesperson told the Korea JoongAng Daily. The platform's resumption date is still to be announced.

BY SHIN MIN-HEE [[email protected]]