Homeplus to Immediately Resume Operations at 67 Key Stores Upon Inflow of DIP Funds

Homeplus is set to reopen 67 key stores that had temporarily closed following the securing of 200 billion won in emergency funds for its rehabilitation proceedings. Major shareholder MBK Partners, largest creditor Meritz Financial Group, and the labor union have agreed to provide the funds, while the Seoul Rehabilitation Court has revoked its decision to terminate the rehabilitation process.

Homeplus is preparing to resume operations at the 67 key stores, which were temporarily suspended starting August 1, and will sequentially reopen the closed locations as the emergency operating funds are disbursed.

The court plans to hold a meeting of interested parties in late August or early September to proceed with the process within the extended deadline for the approval of the rehabilitation plan.