JYP is slowing spiraling these days. After revealing he had to close his American branch of JYP Entertainment back in November, and rumors of his restaurant struggling, its been revealed JYP is still facing some pretty serious financial troubles.
First he had signed a contract to have a clothing company make 2pm clothing albums where fans could purchase 2pm’s album by scanning a QR code on the shirts. They goal was to sell 5,000 shirts, but only 140 sold and while JYP paid for the 140, he has failed to pay for the remaining, unsold shirts, costing about $100,000 USD.
Second, there was another contract signed to make JYP character toothbrushes, and the failure to sell resulted in $20,000 USD in loses. When the company tried to sell the shirts themselves, JYP stopped them on grounds of copyrighting.
JYP’s marketing manager revealed that people within the company had no idea about the situation:
“It wasn’t until the journalists came to us that we found out what was going on. We still don’t know everything about the issue so we’re trying to understand to the best of our ability.”
This situation is all types of sad. I mean if he keeps investing in bad business JYP will go bankrupt. I mean what will happen to 2pm, 2am, Miss A, Wonder Girls, etc. I personally have a bad feeling the WG’s days are numbered, and then San E is set to leave the agency. JYP is a super bad place it seems.
Source: Netizen Buzz