Famous Budae Jjigae Chain Nolboo Seeks Court Rehabilitation

Nolboo, South Korea's iconic budae jjigae franchise, has filed for court-led corporate rehabilitation after struggling financially for years. The Seoul Bankruptcy Court issued a preservation order preventing the company from selling assets or paying debts without approval while reviewing the case. The chain faced six consecutive years of losses from 2017-2022 due to intense competition and COVID-19 impacts, though it briefly recovered in 2023.