Homeplus secures restructuring extension, plans to reopen 67 stores

Homeplus has received a reprieve from the Seoul Bankruptcy Court, which has extended the deadline for its restructuring plan until September 4. This decision allows the South Korean retail giant to continue its efforts toward operational normalization and structural innovation.

With the extension, Homeplus aims to reopen 67 of its core stores that were temporarily closed. The company plans to expedite its asset sales process and will prioritize essential operating expenses, including payments to suppliers and rent, once emergency operating funds are disbursed. Employee wages and outstanding payments to small businesses will be settled sequentially.

Online operations will commence immediately in 16 stores in the Seoul metropolitan area, with plans to gradually expand delivery services and operational areas in consultation with logistics partners. Homeplus intends to focus on selling high-demand daily necessities to quickly restore cash flow.

Structural reforms are also nearing completion. The company plans to finalize these reforms before the restructuring process concludes and will actively pursue the sale of its headquarters, large-format stores, and online business. Meanwhile, 37 underperforming stores currently closed will cease operations during the remaining restructuring period, with minimal staffing maintained at headquarters and remaining stores, while other employees will remain on temporary leave.