Homeplus workers protest at MBK Partners HQ, demand financial rescue

Homeplus workers occupied the Seoul headquarters of its major shareholder, MBK Partners, on June 10, demanding financial aid and an appeal against a recent court decision that dismissed the retailer's receivership proceedings. The protest highlights the growing tension between the workers and the private equity firm that owns Homeplus.

Approximately five union members, led by Ahn Su-yong, the head of the Homeplus branch of the Korea Mart Industry Union, participated in the sit-in. The union accused MBK Partners of failing to fulfill its responsibility to rescue Homeplus, especially with the appeal period for the court's decision nearing its end. The workers are demanding a 200 billion won (approximately $145 million) capital injection to normalize Homeplus operations.

MBK Partners has offered to meet with union representatives on June 14. However, the union is currently deliberating whether to accept the meeting, as the offer was to meet with Vice Chairman Kim Kwang-il, not Chairman Kim Byung-ju, whom the union wishes to address directly. This indicates a desire for higher-level engagement from the ownership.

The union plans to continue its fight, which includes demanding MBK Partners' withdrawal and the arrest of Chairman Kim Byung-ju. They have scheduled a larger rally in front of MBK Partners' headquarters and the Blue House on June 15. The protest underscores the significant financial challenges facing Homeplus and the workers' determination to secure the company's future.

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Since the court's decision to dismiss the receivership proceedings on the 3rd, there are less than ten days left in the appeal period, yet they are not taking any responsibility to save Homeplus.