Exclusive
TeamFresh Vacates Gangnam Office, Moves into a 10-Square-Meter Shared Office

[비즈한국] It has been confirmed that TeamFresh recently relocated its headquarters to a shared office in Gangnam, Seoul. Since 2022, TeamFresh had occupied a seven-story large office building in Gangnam, but following intensifying financial difficulties, the company appears to have downsized, retained only a skeleton staff, and moved to a smaller office space.

Moving to a 10-Square-Meter Shared Office Near Former Gangnam Headquarters

According to BizHankook's coverage, TeamFresh vacated its headquarters building in Nonhyeon-dong, Gangnam-gu, Seoul, and moved to a nearby shared office (Related article: [Exclusive] TeamFresh Faces 15 Billion Won Unpaid Settlement Crisis, Clears Out Gangnam Headquarters). This shared office is located approximately 150 meters from the previous office building. The name "TeamFresh" has recently been added to the list of tenants in the shared office lobby.

The shared office space TeamFresh moved into offers units ranging from one-person to four-person rooms. It has been confirmed that TeamFresh is currently using only one of these units. Given this, it appears that the number of permanent staff at the office is limited to a maximum of four people. As a standard three-to-four-person shared office is known to be approximately 10–13 square meters (about 3–4 pyeong) in size, the office currently used by TeamFresh is estimated to be of a similar scale.

Just one year ago, in October 2024, TeamFresh had 344 employees based on national pension subscriber records. However, as financial troubles worsened this year, the number of resignations surged, and as of August, the headcount had plummeted to 35. Considering that there are fewer than four people currently stationed at the shared office, it appears that a significant number of additional employees have left the company since August.

The monthly rent for the single shared office unit being used by TeamFresh is known to be in the 1 million won range. By moving from the Gangnam building, which cost tens of millions of won in monthly rent, to a small office, the company has significantly reduced fixed costs like rent.

Affiliates of TeamFresh that previously shared the Gangnam headquarters, such as TeamF&B, Taeseong Trading, and Enes Foodnet, have also recently changed their registered corporate addresses to the new shared office. However, it has been confirmed that these affiliates have not actually moved in and have only updated their administrative addresses.

Industry insiders view this office move not merely as a reduction in space, but as a measure of austerity management due to worsening liquidity. Some interpret it as a sign that the company's sense of crisis has peaked, as the deepening financial troubles have led to personnel restructuring and cost-cutting measures. Others suggest that organizational downsizing and integration are taking place at the group level.

An industry source stated, "Looking at their recent actions, there is speculation that they are effectively entering a business liquidation process," adding, "It seems they are maintaining the organization in the most minimal form possible for survival."

Delivery Drivers File Complaint with Fair Trade Commission Over Unpaid Shipping Fees

TeamFresh suspended its services in April due to financial difficulties and has been unable to resume operations since. In 2022, TeamFresh raised 160 billion won in a Series D funding round, bringing its cumulative investment to over 200 billion won. However, it began facing financial strain after encountering setbacks in the Series E round it pursued last year. It is reported that cash flow deteriorated rapidly as payments from major investors were delayed or fell through.

As a result, TeamFresh failed to pay two months' worth of shipping fees (January and February 2025) to early-morning delivery drivers, leading to the service suspension. To date, the issue of unpaid shipping fees remains unresolved. Approximately 350 drivers have not received their settlements from TeamFresh, with the total amount of unpaid fees estimated at around 15 billion won.

Some drivers filed civil lawsuits against TeamFresh and won, but they have still not received their payments, as TeamFresh has delayed compliance with court rulings citing a lack of funds. Last month, 221 delivery drivers, along with Social Democratic Party leader Han Chang-min and Rebuilding Korea Party lawmaker Shin Jang-sik, collectively reported TeamFresh to the Fair Trade Commission for violations of the Subcontracting Act.

One delivery driver lamented, "The drivers filed individual reports to the Fair Trade Commission, and the process is ongoing. TeamFresh still hasn't given a clear answer regarding the settlement issue. They just keep repeating the same stance, saying, 'Investment will come through soon, so please wait.'"

BizHankook attempted to reach TeamFresh for comment regarding the unpaid settlement crisis but was unable to make contact.