 It declared bankruptcy in June 2002, right in the middle of the 2002 FIFA World Cup.The reasons for its bankruptcy were rumored being for its lack of parking space, introduction of internet book stores (this has little credence as other major book stores like Kyobo or Youngpoong has grown bigger every year), and general lack of customer service, the fact that one had climb through five different floors to look for a book, and its inadequate size.There was also voices criticising its flippant position of being so sure of its future, relying on old customers, being run by people who believed that Jongro Seojuk would survive.