Korea's Ichadols meat franchise collapsed from 323 stores to 100 — and ran out of cash

Dareum Plus (다름플러스) was founded in 2017 and built Ichadols (이차돌) into one of Korea's largest beef brisket franchise chains. At its peak in 2021, the brand operated 323 outlets across the country. The company also ran the Jeyuk-Pokshik stir-fried pork franchise chain. Its business model relied on rapid franchise expansion in a crowded Korean dining market where meat restaurants compete on thin margins.

The decline was steep and fast. Store count fell from 323 in 2021 to 283 in 2022, then 180 in 2023, and below 100 by 2025. Revenue collapsed from 39.1 billion won in 2023 to 17.7 billion in 2024, then halved again to 8.76 billion in 2025. Operating losses persisted, and the net loss ballooned from 1.91 billion won in 2024 to 6.28 billion in 2025 — a 3.3x increase driven by 5.61 billion won in non-operating expenses, including 5.34 billion in bad debt write-offs from shareholder and affiliate loans.

By end of 2025, assets were 6.04 billion won against 19.27 billion in liabilities — a 13.23 billion capital deficit. Cash was just 14.4 million won, less than a day of operations. Short-term debt due within a year was 16.48 billion. On February 11, 2025, Dareum Plus filed for rehabilitation with the Seoul Rehabilitation Court. The court accepted on March 19 and forced through a plan on April 24. The auditor issued a second consecutive disclaimer of opinion, citing failure to provide financial data and going-concern uncertainty.