Yahoo’s South Korean arm will be shutting down and moving out of the country, according to a statement released today.

The search company employs between 200 and 250 people in South Korea, all of whom stand to be unemployed when the company closes up shop there in December this year. Yahoo Korea, which is owned by Yahoo, has failed to compete with local companies like NHN Corp and SK Communications Co. as well as international opposition such as Google and Facebook.

Part of the statement released by Yahoo Korea reportedly reads:

“Yahoo has faced several challenges in the past couple of years and decided to pull out of the (Korean) business to put more resources on global business and become more powerful and successful.”

Source: Reuters