In a significant turn of events, JKN Global Group, the company that owns Miss Universe, has filed for bankruptcy, as confirmed by CEO Jakkaphong Jakrajutatip in a recent communication to shareholders. Despite this financial setback, the company has assured that the Miss Universe pageant scheduled for November 18 in El Salvador will proceed as planned.
The bankruptcy filing was officially made on November 8, as indicated in the CEO’s letter dated November 9. Jakrajutatip emphasized that the company will continue its operations normally while addressing its liquidity issues through legal means, ensuring fairness to all stakeholders involved.
A notice on the JKN website echoes this sentiment, asserting that the legacy of the Miss Universe pageant will be sustained by the company, aligning with its original vision. Furthermore, in July, JKN had unveiled various business expansion strategies for the Miss Universe brand, including ventures into skincare, spa services, and travel. As of now, there have been no announcements indicating any deviation from these expansion plans.