It has been revealed that JYP Entertainment has closed down its subsidiary company ‘JYP Creative’ in the United States.
‘JYP Creative’ was established back in November 2011 in order to aid JYP Entertainment’s entrance into the U.S. market. The label’s head Park Jin Young invested $1.2 million into the subsidiary but it has incurred a loss of around $110,000 in 2011. The loss continued and the company recorded a total of $1.718 million net loss last year.
The company was not able to bring in an income so it liquidated at the end of last year. Besides ‘JYP Creative’, Park Jin Young’s Korean BBQ restaurant ‘Kristalbelli’ in New York also incurred significant losses but the restaurant will continue to operate.
JYP Entertainment assured the fans that it will not affect their plans of promoting in the U.S.