Homeplus seeks court approval for rehabilitation plan amid debt restructuring

Homeplus is seeking court approval for its rehabilitation plan, scheduled for a decision on September 4. To increase the likelihood of approval, employee representatives are urging public creditors—including suppliers and current and former staff—to agree to a deferred installment repayment plan for approximately 930 billion won in public claims, which includes unpaid wages and severance. Employee consent for these claims currently stands above 75%.

Following the reopening of 67 stores, Homeplus reported a significant initial surge in activity. Between September 13 and 17, the retailer recorded 43.7 billion won in sales, a 191% increase compared to the same period prior to the temporary suspension. Daily customer numbers also rose by approximately 74%.

Despite this recovery, the company faces challenges regarding the sale of its remaining business units and high debt levels. Homeplus plans to repay trust-collateralized debts to Meritz Financial Group by selling 19 of its 37 closed stores by February 2028. The company aims to achieve a turnaround by 2029, projecting annual sales of approximately 4.3 trillion won across its 67 operating stores by 2030.