Court Decides to Terminate Rehabilitation Proceedings for Homeplus

Major supermarket chain Homeplus is now set to follow bankruptcy procedures as it has failed to find a buyer, leaving it with no clear path forward.

The 4th Division of the Seoul Bankruptcy Court decided today, July 3, to terminate the corporate rehabilitation proceedings, or court receivership, for Homeplus.

The decision was made after the court determined that the revised rehabilitation plan submitted by Homeplus on June 30 was unlikely to be successfully implemented.

The plan included a proposal to improve business viability by restructuring the company around 67 core stores. However, it was reported that the company failed to provide a concrete plan to secure the 200 billion won in funding required as the minimum capital to execute this strategy.

In a statement released this afternoon, Homeplus said, "We sincerely apologize to our customers, employees, tenants, and business partners, and we will do our best to minimize any damage."
※ Please note: This article was translated by AI and may contain errors.