Three Chairs, the Operator of 'Book Journalism' That Led Media Innovation, Declared Bankrupt After 12 Years

Established in 2014, Three Chairs Co., Ltd., which has operated the knowledge subscription service 'Book Journalism' and the offline retail media 'bkjn shop', could not overcome its financial difficulties and was ultimately declared bankrupt in a simplified bankruptcy proceeding by the Seoul Bankruptcy Court on June 19, 2026.

In the past, Three Chairs created a fresh sensation in the media industry by introducing an original paid subscription model that combined the depth of a book with the timeliness of journalism. However, despite this innovative experiment, it failed to overcome realistic financial barriers and concluded its 12-year journey.

Looking at the financial status over the last six years, the deterioration of the profit and loss flow is clearly evident. Sales steadily increased from about 360 million won in 2019, peaking at about 500 million won in 2022, but then turned to a downward trend, decreasing to about 410 million won in 2023 and about 380 million won in 2024. Above all, the company continued to post net losses from 2019 to 2023, resulting in an accumulated deficit reaching -1.76 billion won. Despite the massive deficit, it appears the company barely held on with 1.4 billion won in external investments.

In particular, it appears that the most decisive cause of failure for this simplified bankruptcy was inventory assets. As of 2024, out of the company's total assets of 645 million won, inventory assets (products), which are difficult to convert to cash, recorded 600 million won, accounting for more than 93% of the total assets.

On the other hand, as of 2024, the current liabilities that the company had to repay within one year amounted to 478 million won. In detail, there were short-term borrowings of 289 million won and accounts payable of 155 million won remaining, suggesting that the difficulty of raising operating funds and the debt likely pressured the company in a situation where available cash was insufficient.

Looking at the statement of financial position, there are also traces showing that whenever the company faced difficulties, related parties, such as the major shareholder or the CEO, provided money in the form of long-term borrowings. As of 2023, this support amount reached 141 million won. Ultimately, it is presumed that the management and related parties made every possible effort both materially and emotionally to overcome the company's difficulties.

Looking at the cost and employment data, it appears that the company struggled and held on for over two years with a three-employee system starting from the end of 2023, but ultimately could not overcome the accumulated deficit and liquidity crisis. The exit of Three Chairs, which had received the industry's attention with a model noted in the industry, leaves behind a bitter sense of regret.