Woongjin Thinkbig Restructures After 6 Months... "For Business Realignment"

Restructuring Resumes Six Months After AI Textbook Withdrawal
Direct Hit from Declining School-Age Population... 10.7 Billion Won Operating Loss in Q1
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Woongjin Thinkbig is once again initiating restructuring measures. As the education market contracts and performance worsens, there is a growing sense that Woongjin Group is accelerating its overall business reorganization.

According to industry sources on June 13, Woongjin Thinkbig has recently begun holding interviews with employees in preparation for restructuring. The company stated, "Personnel adjustments are inevitable as part of the organizational restructuring to realign our business structure, which is why we are conducting these interviews." The company also clarified that it is not withdrawing from any specific business sector.

This round of restructuring comes just six months after the company redeployed employees following the withdrawal from the AI Digital Textbook (AIDT) business in December of last year. At that time, Woongjin Thinkbig exited the AI textbook business due to ongoing policy uncertainties surrounding the sector.

Currently, Woongjin Thinkbig employs approximately 500 people. Regarding the number of employees affected by the restructuring, the company stated that "no specific number has been determined."

This measure is in line with the parent company Woongjin Group's company-wide business restructuring efforts. Woongjin recently completed the acquisition of Freed Life, the leading funeral service company in Korea, after receiving approval from the Fair Trade Commission. The group is seeking to expand into new growth areas beyond its traditional focus on education businesses.

Due to the declining school-age population and other factors, Woongjin Thinkbig, the group's core affiliate, has continued to post weak results. In the first quarter of this year, Woongjin Thinkbig's consolidated sales amounted to 197 billion won, down 8.9% year-on-year, while operating losses reached 10.7 billion won, with the company remaining in the red.