The company, which sells furniture and home appliances, announced on its website Friday that it would cease operations on Aug. 31 due to "unavoidable management circumstances."
The notice came amid an ongoing e-commerce payment crisis that led to two platforms, Tmon and WeMakePrice, seeking court rehabilitation late last month.
Allets' announcement has left both sellers and buyers in limbo, with many unable to contact its customer service.
Some sellers claim they have not received scheduled payments from Allets, with losses estimated in the billions of won and exact figures still being tallied.
Over 990 consumers and 680 business partners have joined separate chat rooms to share information and seek solutions.
According to last year’s audit report, Allets' parent company, Interstella, had liabilities of 31.7 billion won ($24 million), nearly triple its assets.
The crisis mirrors recent troubles at Tmon and WeMakePrice, which have failed to settle payments with merchants since early July.
The failure has led to business withdrawals and a flood of refund requests from consumers, highlighting vulnerabilities in the sector's growth-focused strategies.
