EXID's LE leaves BANANA Culture, company rumored to close + CEO denies

[juhli.livejournal.com]

“Hello. This is LE.
After a discussion with Banana Culture, which has been with me all this time, we have agreed to terminate the contract.
In future, I will show a better side of me and better music. Please support as I embark on a new beginning :) Thank you.”#EXID #LE pic.twitter.com/rkU8w6zEFj

— EXIDear (@Exidear_sub) March 25, 2020

On March 25, the Korea Economic Daily reported that according to their investigation, Banana Culture Entertainment is gradually shutting down. The report stated that the agency has currently suspended their management work.

A source described as being well aware of the internal situation at the agency stated, “Banana Culture is ending all their contracts with their artists. The main executives have also all left the company.” The source reported that the agency’s actors such as Lee Jung Hyun and Ha Seung Ri have also already departed from the company.

Another source told the outlet, “There are essentially no staff members to carry out work.”

The five members of EXID have now all left the company, starting with Hani and Jeonghwa in May 2019 and followed by Hyelin in January, Solji in February, and LE this month. The agency’s contract with trot singer Sungeun also reportedly came to an end. Future promotions for the group TREI, which was produced by Shinsadong Tiger, are described by the outlet as now uncertain.

Later that day, CEO Yoo Jae Woong told outlet Xportsnews that this report is untrue.

He stated, “I just saw the report that says that the agency is shutting down. This is a false report. Currently, TREI and female trainees remain at the agency.”

In 2016, Banana Culture was invested in by the Chinese media group Banana Project. Yoo Jae Woong went on to say, “There are Chinese shares in Banana Culture as well so we’re not in a position where we could shut down the agency of our own volition. There are currently other talks underway about an investment from somewhere else. Our entertainment operations will continue.”


About that Wang Sicong money...

bankrupt pic.twitter.com/Ba8cvbhmR3

— amy adams' egot 🏆 (@wtexid) March 25, 2020

source: Exidear_sub, x_xellybabyx, soompi, naver 1 2, wtexid

Comments

[myrrhcat.livejournal.com]

they always seemed like one of the better companies in kpop, so unless there's something shady going on, i hope they don't shut down. i was really looking forward to their next gg debut. :(

[dior-chic.livejournal.com]

I was reading how BC was in a really bad spot, no wonder Exid members are leaving

I feel for the trainees, the dance video I saw - the girls had a lot of potential

[myungung.livejournal.com]

damn they're really not doing well, I'm glad exid got out of the sinking ship. I wonder if this means that their reunion can happen more freely?

also, their Japanese contracts are still on right?

[juhli.livejournal.com]

I have no idea who holds the rights for EXID if the company should shut down in the future. All 5 recently went to a wedding together, so they are still getting on well enough :D

Their japanese contracts are still on, they have concerts planned in June i think, but idk whats gonna happen with the coronavirus-situation.

[cairistiona.livejournal.com]

i guess this explains why nayoung's group hasn't debuted yet.... :( poor girl, i've been looking forward to her and her groupmates' debut