2024-07-26 10:10:25
“They are trying to minimize damage to tourists, but there are even ridiculous rumors of bankruptcy going around.”
Major travel agencies are suffering from unconfirmed ‘groundless rumors’ related to the delay in payment by Timon and WeMakePrice.
According to the travel industry on the 26th, there is a rumor in the media that major domestic travel agencies such as Hana Tour, Yellow Balloon, Chamjoheun Travel, Yellow Balloon, and Yanolja will suffer damages of at least 100 billion won, based on so-called ‘jirashi’ (information leaflets).
Looking at the contents of the flyer, each travel agency details the amount of damage to unpaid balances. Hana Tour suffered 8 billion won, Modoo Tour suffered 6 billion won, Chamjoeun Travel suffered 6.7 billion won, Gyowon Tour suffered 6 billion won, Yellow Balloon suffered 6 billion won, and Yanolja suffered 3 billion won.
Here, the rumor that some travel agencies may go bankrupt is adding to the anxiety of travelers. Some media outlets have even reported on this. Travel agency stock prices are falling every day.
Travel agencies responded that this was completely different from the truth and that there were no problems with the company’s financial status.
The sales of Timon and WeMakePrice account for 3-4% of the total sales of major travel agencies. Therefore, although there is financial damage due to delayed payments, it is not enough to cause the company to falter.
A representative of Hana Tour (039130) explained, “The proportion of social commerce sales in total sales is extremely small, and among them, if we limit it to Tmon and WeMakePrice, it is less than 3%.” He continued, “However, since Tmon and WeMakePrice are actively promoting overseas travel products ahead of the summer vacation season, the amount may be higher than usual.”
In fact, Hana Tour’s total sales for the first quarter of this year (January to March) were 183.3 billion won, of which 3% is 5.5 billion won, which is about 1.8 billion won when divided by one month. In other words, the estimated damage is about 3.6 billion won in the current situation where the settlement for June and July has not been received.
Accordingly, travel agencies are canceling travel products booked on Timon and WeMakePrice or recommending re-payment to travel agencies in order to minimize damage to travelers and travel agencies.
A representative of Yellow Balloon (104620) said, “We are making calls to have people cancel and reducing losses,” and added, “There is no significant impact other than the current outstanding balance, but as false rumors about travel agencies going bankrupt or failing are circulating in online communities, inquiries from customers about this are increasing.”
An official from Chamjoeun Travel (094850) also said, “The cancellation rate is currently over 50%,” and “In particular, compared to other companies, our dependence on social commerce is relatively low, so the damage is not as great as rumored.”
Meanwhile, on the 25th, a joint investigation team of the Financial Supervisory Service, Fair Trade Commission, and other relevant ministries regarding the Timon and WeMakePrice incidents began an emergency on-site inspection and investigation. They plan to establish and operate a dedicated complaint reception window so that consumers and sellers who have suffered damages can quickly file complaints.
(Seoul = News 1)
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2024-07-26 10:10:25