Homeplus to reopen stores and revamp format as regulator reviews MBK's role

Homeplus announced plans to reopen 67 key stores that were temporarily closed after the Seoul Bankruptcy Court extended its court‑led rehabilitation until September 4. The retailer seeks 200 billion won (≈$135 million) in debtor‑in‑possession financing to cover operating costs, pay suppliers, settle overdue rent and wages, and gradually resume online deliveries from 16 stores in the Seoul area. As part of its restructuring, Homeplus will shift to single‑floor, high‑turnover stores modeled on the Trader Joe’s format and intends to permanently close 37 underperforming outlets while keeping staffing levels minimal.

At the same time, South Korea’s Financial Services Commission is evaluating sanctions against private‑equity firm MBK Partners for its handling of the Homeplus acquisition. Regulators have proposed a three‑month suspension of MBK’s management of the Homeplus buyout fund and an institutional warning, citing alleged unfair changes to redeemable convertible preferred shares that affected investors such as the National Pension Service. MBK argues the adjustments were necessary to improve Homeplus’ financial health and protect investor interests.