Homeplus Corporate Rehabilitation Proceedings Terminated

The Seoul Rehabilitation Court's Division 4 ruled on July 3 to terminate Homeplus's corporate rehabilitation proceedings. The court's decision is based on Homeplus's inability to execute its rehabilitation plan due to a shortage of operating funds. The situation was reportedly triggered by MBK Partners, Homeplus's owner, shifting its stance towards terminating the proceedings as the company's value declined.

This decision has raised concerns about job losses for Homeplus's approximately 13,000 employees and damage to its partner companies. Employees and suppliers now face immediate livelihood insecurity, and the local economy is also expected to be hit. The Justice Party warned of potential negative impacts on the livelihoods of over 100,000 workers, store tenants, and partner companies, as well as the overall regional economy, pointing out that the issue extends beyond a mere supermarket problem with significant economic ripple effects.

In response, parties such as the Cho Kuk Innovation Party, Progressive Party, and the Democratic Party of Korea are demanding substantive measures from the government and the National Assembly to resolve the situation. The Cho Kuk Innovation Party labeled MBK Partners, the largest shareholder of Homeplus, as a "vulture capital" and urged it to secure funding within 14 days and immediately file an appeal with a viable self-rescue plan. The Progressive Party criticized MBK Partners for neglecting the 200 billion won needed for Homeplus's normalization, advocating for the mobilization of all possible means, including public funds.

Homeplus has 14 days to file an immediate appeal, and if it can secure 200 billion won within this period and proceed with the appeal, the court's termination decision could potentially be reversed. Attention is focused on what substantial measures the government and the National Assembly will present within the remaining 14 days, as demanded by the minority parties. Whether MBK Partners will step in to resolve the crisis by filing an immediate appeal will be a decisive factor in determining Homeplus's future.