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Homeplus, Once Korea's No. 2 Retailer, Enters Insolvency; Seeks 200B Won Emergency Funding

GateNews
According to MBN, Homeplus, formerly South Korea's second-largest department store chain, has entered substantial insolvency after failing to secure minimum operating capital recently. The company was acquired by private equity firm MBK Partners in 2015 for over 7 trillion Korean won, with more than half financed through debt, leaving it burdened with high leverage. The chain faced mounting operational losses due to COVID-19 and intense competition from e-commerce, with limited resources for capital investment. Currently, approximately 67 stores remain operational, down from 126 a year earlier. The court has granted a 14-day period to secure emergency funding; Homeplus has requested 200 billion won from its largest creditor, Meritz Financial Group. The company's Homeplus Express supermarket brand, sold separately to Harim Group, is not subject to the insolvency proceedings.
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