Homeplus Express Sale Faces Major Hurdle Over 300 Billion Won Price Tag

Homeplus is facing difficulties in the sale of its chain-type supermarket (SSM) 'Homeplus Express', which it has put on the market, due to price issues. As industry concerns grow over whether potential buyers can afford the estimated sale price of around 300 billion won, the feasibility of the actual deal remains uncertain. Homeplus Express's corporate value has decreased as its financial difficulties have worsened since Homeplus filed for urgent corporate restructuring last year.

Homeplus is highlighting the value of Express ahead of the sale, touting its strengths such as 223 out of 293 stores having quick commerce logistics functions and over 90% of all stores being located in the Seoul metropolitan area and major cities.

MGC Global officially entered the race to acquire Express last month by submitting a letter of intent. The plan is to leverage the Express store network to enhance quick commerce competitiveness and expand the business into a platform for daily-necessity product categories.

However, the financial situation of Uyoon Partners, a private unlisted company owned 100% by MGC Global CEO Kim Dae-young, is cited as a burden. Uyoon Partners' short-term borrowings in 2024 increased by approximately 2.5 times to 159.8 billion won compared to 63.8 billion won the previous year, with most of its total debt consisting of real estate-backed loans.