[REVISION HISTORY]

Homeplus faces tenant and labor pressure amid restructuring

Updated 10 times since CLSTR started tracking revisions of this situation.

What changed

2026-10-07 06:17 UTC → 2026-10-08 02:06 UTC · added ~~removed~~

Homeplus ~~executes asset sales~~ faces tenant and ~~voluntary retirement~~ labor pressure amid restructuring

Following court approval of its rehabilitation plan, Homeplus is executing a restructuring strategy centered on asset sales and cost reduction. The company has initiated a merger and acquisition (M&A) process managed by Samil PwC to sell its hypermarket division, headquarters, and online business through a business transfer involving 67 core stores. ~~The liquidation value of these 67 stores is estimated at approximately 2 trillion won. This follows the prior sale of the Homeplus Express supermarket division to NS Home Shopping.~~ Proceeds are intended to reduce fixed costs ~~by roughly 500 billion won~~ and accelerate debt repayment to creditors, including Meritz Financial Group. To ~~further~~ stabilize operations, Homeplus ~~has~~ implemented a voluntary retirement program for headquarters and store ~~employees, with applications running through September 22. This comes as~~ employees. However, the company ~~manages unprofitable locations, having reduced its store count~~ faces intensifying pressure from ~~126~~ tenant associations, such as those at a Suwon location, who have demanded direct dialogue with headquarters. Tenants are calling for the immediate payment of unpaid settlements, commission adjustments, and clear protocols for the return of deposits if contracts are terminated. Labor tensions are also rising. The Mart Industry Labor Union and members of the National Assembly have called for MBK Partners to ~~67.~~ take responsibility for the company’s normalization, citing reported delays in wage payments and shortages of goods. While Homeplus has sent investment guides to potential candidates to find a new owner, no concrete expressions of interest have been reported. Regarding ~~its ownership structure,~~ ownership, MBK Partners has completed the cancellation of approximately 2.4 million common shares held through a special purpose vehicle. While MBK has stepped down as a shareholder, it remains involved ~~in the rehabilitation process~~ via a 200 billion won emergency operating fund loan. During a National Assembly audit, MBK Partners Chairman Kim Byung-joo failed to appear as a witness, submitting a statement that he does not directly manage individual portfolio companies and citing ongoing investigations as the reason for his absence. Labor concerns persist, as the company previously recorded cumulative wage arrears of 387.1 billion won, with 66.4 billion won remaining unpaid as of August. Additionally, severance pay reserves remain below the legal minimum, with a deficit of 125.4 billion won relative to required levels. companies.

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