Homeplus restructuring plan faces union protests and court deadline in South Korea

Homeplus has filed a revised corporate rehabilitation plan with the Seoul court, proposing the sale of its Express stores, closure of 37 outlets and staff reductions. The plan omits the court‑required 2 trillion‑won external financing, after its main creditor, Meritz Financial Group, approved only half of the requested emergency loan. MBK Partners, Homeplus’s major shareholder, has pledged personal guarantees from its chairman.

Labor unions representing Homeplus employees and workers at Korea Zinc have staged a joint press conference, accusing MBK of speculative attacks on national industries and demanding that the government and ruling party intervene. They warned of broader social damage if the retailer collapses. The Seoul court has already extended the deadline for approving the rehabilitation plan to May 4, with a further possible extension to early July, and will decide shortly whether to allow the restructuring to continue.

Around 12,000 workers remain employed at Homeplus, down from 20,000 before the restructuring began, and many small suppliers have reported unpaid invoices, heightening concerns over job security and supply‑chain stability.