TR Entertainment declares bankruptcy following financial struggles

TR Entertainment, the agency founded by late composer Shinsadong Tiger, has declared bankruptcy due to serious financial issues. The Seoul Bankruptcy Court made the ruling on March 13. A summary bankruptcy like this occurs when total debts are under 500 million KRW, which is about 344,950 USD. The main cause of the bankruptcy is financial hardship. Since Shinsadong Tiger passed away last year, the agency has seen a sharp drop in income and has lost important business connections. These challenges led to the company's decline. Established in 2020, TR Entertainment managed artists like girl group TRI.BE, EXID's Elly, and singer Yoo Sung Eun. Their future with the agency is currently uncertain. Shinsadong Tiger was known for creating popular K-pop songs, including hits for groups like 4Minute and Apink. However, his business faced difficulties, leading to debts of around 1.7 billion KRW. In 2017, he sought corporate rehabilitation, and a year later, a court plan required him to repay 70% of his debts over a decade.