Homeplus begins voluntary retirement amid restructuring and M&A efforts

Homeplus has begun accepting applications for voluntary retirement from its headquarters and store employees through September 22. The move is part of a restructuring effort to reduce fixed costs and stabilize operations following the approval of a rehabilitation plan. The company’s store count has decreased from 126 to 67 as it manages unprofitable locations.

As part of the rehabilitation process, MBK Partners has completed the cancellation of approximately 2.4 million common shares held through a special purpose vehicle. While MBK has stepped down from its status as a shareholder, it remains involved in the rehabilitation process, having provided a 200 billion won emergency operating fund loan.

Homeplus is currently seeking a new buyer for its 67 large-format stores and online business division, with Samil PwC acting as the lead manager for the M&A process. Meanwhile, MBK Partners Chairman Kim Byung-joo failed to appear as a witness at a National Assembly audit regarding the company's situation, submitting a statement that he does not directly manage individual portfolio companies and citing ongoing investigations as a reason for his absence.