#Jinro #Chamisul #SamlipHoppang #DaewooGroup #KukjeGroup
Chamisul, the soju released by a bankrupt company.
In just two years, it captured half of the national soju market.
It was a strange scene: the company was collapsing, yet customers were lining up.
While everyone might think of the IMF crisis, Jinro stood before the banks in April 1997.
That was seven months before the country applied for a bailout.
The money earned by the number one soju brand was leaking into beer and construction, and into guaranteeing debts for affiliates.
Samlip was the company that had dominated South Korea's winter with its steamed buns,
but it collapsed over a single promissory note worth a mere 300 million won.
Esquire was held back by discounted gift certificates distributed,
and Kukje Group was dissolved not by bank counters, but by government approval.
Daewoo, the second-largest conglomerate in the business world, was scattered after 41 trillion won in accounting fraud.
However, the names were different.
Chamisul, Samlip steamed buns, Esquire dress shoes, Prospecs sneakers.
And even the two letters "Daewoo," which are still making money across the ocean.
The company may have vanished, but the name has survived in the hands of others.
Let us trace the real reason why the company collapsed first, despite holding the number one product.
⏱ Timestamps
0:00 Customers lining up for soju from a bankrupt company
0:45 April 1997, Jinro standing before the bank
2:12 The soju company expands to 24 subsidiaries
4:27 Chamisul released by the bankrupt company
5:45 A beer company bought Jinro
6:57 Samlip collapses over a 300 million won promissory note
9:08 The younger sibling buys Samlip again
10:44 Esquire crumbles over gift certificates
13:06 The government dismantles the Kukje Group
16:01 The debt of Daewoo, the second-largest conglomerate in the business world
18:47 Woosung descends from an apartment wall
19:45 The company died, but the name lived on
📌 References
Seoul Shinmun 1997 (Jinro Bankruptcy Deferral Agreement · Samlip Foods files for court receivership)
Seoul Shinmun July 30, 1993 (Constitutional Court Decision Confirming Unconstitutionality of Kukje Group Dismantlement)
Seoul Shinmun 2019.12.10 (Daewoo Group Accounting Fraud: 41 Trillion Won)
Aju Business Daily 2021.11.03 (Daewoo Trademark Overseas Contract)
#Jinro #Chamisul #SamlipHoppang #DaewooGroup #KukjeGroup
Chamisul, the soju released by a bankrupt company.
In just two years, it captured half of the national soju market.
It was a strange scene: the company was collapsing, yet customers were lining up.
While everyone might think of the IMF crisis, Jinro stood before the banks in April 1997.
That was seven months before the country applied for a bailout.
The money earned by the number one soju brand was leaking into beer and construction, and into guaranteeing debts for affiliates.
Samlip was the company that had dominated South Korea's winter with its steamed buns,
but it collapsed over a single promissory note worth a mere 300 million won.
Esquire was held back by discounted gift certificates distributed,
and Kukje Group was dissolved not by bank counters, but by government approval.
Daewoo, the second-largest conglomerate in the business world, was scattered after 41 trillion won in accounting fraud.
However, the names were different.
Chamisul, Samlip steamed buns, Esquire dress shoes, Prospecs sneakers.
And even the two letters "Daewoo," which are still making money across the ocean.
The company may have vanished, but the name has survived in the hands of others.
Let us trace the real reason why the company collapsed first, despite holding the number one product.
⏱ Timestamps
0:00 Customers lining up for soju from a bankrupt company
0:45 April 1997, Jinro standing before the bank
2:12 The soju company expands to 24 subsidiaries
4:27 Chamisul released by the bankrupt company
5:45 A beer company bought Jinro
6:57 Samlip collapses over a 300 million won promissory note
9:08 The younger sibling buys Samlip again
10:44 Esquire crumbles over gift certificates
13:06 The government dismantles the Kukje Group
16:01 The debt of Daewoo, the second-largest conglomerate in the business world
18:47 Woosung descends from an apartment wall
19:45 The company died, but the name lived on
📌 References
Seoul Shinmun 1997 (Jinro Bankruptcy Deferral Agreement · Samlip Foods files for court receivership)
Seoul Shinmun July 30, 1993 (Constitutional Court Decision Confirming Unconstitutionality of Kukje Group Dismantlement)
Seoul Shinmun 2019.12.10 (Daewoo Group Accounting Fraud: 41 Trillion Won)
Aju Business Daily 2021.11.03 (Daewoo Trademark Overseas Contract)