Homeplus outlets resume operations after court extends rehabilitation proceedings
MBK Partners acquired a 100 percent stake in Homeplus from British retailer Tesco Plc in 2015 for 7.2 trillion won
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Summary
MBK Partners acquired a 100 percent stake in Homeplus from British retailer Tesco Plc in 2015 for 7.2 trillion won. Homeplus previously operated 104 outlets across the country, but 37 of them are no longer in operation. 12 (Yonhap) -- Financially troubled discount store chain Homeplus Co. said Wednesday it has resumed operations at all 67 of its outlets nationwide following a court decision to extend its rehabilitation proceedings.
Furthermore, Homeplus temporarily closed all 67 outlets on July 13, due to a lack of operating funds after the Seoul Bankruptcy Court terminated its rehabilitation proceedings earlier that month, saying the company had failed to secure at least 200 billion won ($130 million) needed to carry out its self-rescue plan. The retailer, wholly owned by private equity firm MBK Partners, has been financially strained by a prolonged downturn in the discount store industry and entered court-led rehabilitation proceedings in March 2025. The resumption came as the court overturned its earlier decision on July 21 and extended the proceedings until Sept.
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MBK Partners acquired a 100 percent stake in Homeplus from British retailer Tesco Plc in 2015 for 7.2 trillion won.
reliability low1/2 sourcesHomeplus previously operated 104 outlets across the country, but 37 of them are no longer in operation.
reliability low1/2 sources12 (Yonhap) -- Financially troubled discount store chain Homeplus Co. said Wednesday it has resumed operations at all 67 of its outlets nationwide following a court decision to extend its rehabilitation proceedings.
reliability low1/2 sourcesHomeplus temporarily closed all 67 outlets on July 13, due to a lack of operating funds after the Seoul Bankruptcy Court terminated its rehabilitation proceedings earlier that month, saying the company had failed to secure at least 200 billion won ($130 million) needed to carry out its self-rescue plan.
reliability low1/2 sourcesThe retailer, wholly owned by private equity firm MBK Partners, has been financially strained by a prolonged downturn in the discount store industry and entered court-led rehabilitation proceedings in March 2025.
reliability low1/2 sourcesThe resumption came as the court overturned its earlier decision on July 21 and extended the proceedings until Sept.
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A Homeplus store (Yonhap) kyongae.choi@yna.co.kr (END)
according to Yonhap News
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