ACJ O Shopping Corp., a joint venture of ABS-CBN Corp. and South Korea’s CJ ENM, said it will cease operations by the end of the year amid financial losses, after seven years of offering TV shopping via the O Shopping Channel.
“The past two years have been challenging for the company as it experienced financial losses,” ABS-CBN said.
“The COVID-19 outbreak has and will continue to take a toll on the business this year. ABS-CBN’s partner, CJ ENM, has also decided to move its business out of Southeast Asia completely,” it said.
ACJ O said it made the difficult decision to let go of employees starting Aug. 7, 2020. “The company is thankful for their valuable contributions through the years and ensures that they will receive separation packages as the law requires,” ABS-CBN said.
The government earlier shut down the operations of ABS-CBN Channel 2, TV Plus and SkyCable Direct because of expired Congressional franchise.
