[Exclusive] Igongguo, Operator of 'Ilsanggonggam', Declared Bankrupt

The operator of the household goods brand 'Ilsanggonggam', Igongguo Co., Ltd., was declared bankrupt by the court. Although it showed steep growth by surpassing 60 billion won in sales just three years after its establishment, it is interpreted that the company could not overcome the continuous deterioration in profitability since 2022.

The 12th Division of the Seoul Bankruptcy Court declared bankruptcy for Igongguo Co., Ltd. (CEO Jang Se-ok) on the 19th.

Established in 2019, Igongguo quickly settled into the market, spearheaded by the household convenience goods brand 'Ilsanggonggam'. Following sales of 25.1 billion won and an operating profit of 3.5 billion won in 2020, it continued its external expansion by achieving sales of 49.6 billion won and an operating profit of 3.2 billion won in 2021.

However, 2022 became an inflection point. At that time, sales reached a record high of 68.7 billion won since its founding, but it turned to a deficit, posting an operating loss of 300 million won. Operating losses continued in 2023 and 2024, exacerbating management difficulties, and it is reported that the company eventually fell into a state of insolvency and entered into bankruptcy proceedings.

Along with the bankruptcy declaration, the court confirmed the claim reporting period and the date of the creditors' meeting. Creditors must report their claims to the bankruptcy trustee by February 4, 2026.