The Pola Orbis Group announced it resolved at a meeting of its board of directors to liquidate and dissolve its subsidiary, Orbis Korea Inc., headquartered in Seoul, Korea.
According to the Pola Orbis Group, Orbis Korea has been importing and selling cosmetic products and health food as a hub of Orbis Inc. in Korea. However, under the current market reaction and the economic environment in Korea, the operating results became different from the initial business plan. In addition, the market competition has been fierce, and it requires a large amount of investments to sustain the business.
Therefore, the Pola Orbis Group concluded that it is difficult to see the benefit of continuing the business, and resolved to liquidate and dissolve Orbis Korea.
Founded in February 2011, Orbis Korea is now set to be complete dissolved by February 2015 and onward. Additional details can be found here.