Seungri's Aori Ramen franchise has filed for bankruptcy.
The franchise is owned by Factory N (Aori Ramen FNB) after Seungri gave up ownership of the franchise in June 2019 following "Burning Sun Gate".
According to reports, Aori FNB filed for bankruptcy on the 24th after the chain saw a severe decline in sales after the "Burning Sun" scandal. Factory N's debts are said to exceed the total value of its assets therefore the company filed for bankruptcy as they can no longer pay their debts.
All the Aori Ramen branches currently open at home and abroad will be closed in the future as the bankruptcy application moves forward and the company's assets will be reallocated to creditors.
Source: Joongang Ilbo