[Exclusive] Changtok, Which Promoted Itself as 'Our Neighborhood Baek Jong-won,' Goes Bankrupt After Financial Difficulties

• Declared bankrupt by the Seoul Bankruptcy Court on January 30, 2026... Caused by accumulated deficit and deteriorating financial structure

• Introduced innovative models such as small business mentoring and store regeneration, but failed to overcome capital impairment

Mentoring platform 'Changtok Co., Ltd.', which styled itself as the 'shoulders of giants' in the self-employment industry by passing on the know-how of business masters nationwide to small business owners, has entered bankruptcy proceedings just four years after its establishment. The industry's regret is growing over the fall of a social venture that had been taking the lead in supporting small businesses by joining hands with the financial sector and public institutions.

The Seoul Bankruptcy Court declared bankruptcy for Changtok Co., Ltd. (CEO Noh Seung-wook) on the 30th of last month. Opened in 2022, Changtok drew attention as the nation's largest mentoring platform possessing over 300 'business masters,' including franchise CEOs, top-ranked store owners, and Michelin-starred chefs. In particular, it solidified its position as a social venture pursuing both social value and profitability by attracting investments from Yuhan-Kimberly's 'Keep Korea Green Impact Fund' and Maeil Business Newspaper. Changtok had focused on resolving information asymmetry for small business owners by publishing 'Changtok News,' containing the know-how of business masters, and operating the 'Store Regeneration Project,' which revives stores on the verge of closure.

However, despite its innovative business model, its financial condition walked a path of steady deterioration every year. Changtok's sales increased from 455,000 won in 2022 to 260 million won in 2024, but operating expenses surged, causing the scale of operating losses to snowball. As of 2024, its operating profit and loss recorded -500 million won, and its net profit and loss for the term recorded -340 million won. It is analyzed to have fallen into a state of capital impairment due to accumulated losses.

Until recently, Changtok showed active moves, rolling out an open innovation project that supports 90% of small business consulting costs in cooperation with Hana Bank, NH Nonghyup Bank, and others, and signing a memorandum of understanding (MOU) to 'expand the small business consulting ecosystem' with five public institutions including the Ministry of SMEs and Startups. CEO Noh Seung-wook stated at the time, "My mother is also a self-employed person who has been running a sundaeguk restaurant for over 40 years," adding, "I will do my best so that small business owners can receive the know-how of their seniors and succeed," but ultimately failed to overcome the waves of financial difficulties.

Simplified bankruptcy is a bankruptcy procedure that proceeds quickly and cheaply by simplifying the process when the value of the bankruptcy estate (the total property held by the debtor) is expected to be less than 500 million won. Following the bankruptcy declaration, Changtok will undergo full-scale liquidation procedures.