[비즈한국] There are only about ten days left to determine the fate of Homeplus. If 200 billion won in operating funds is not secured by July 20, the discontinuation of the rehabilitation process will be finalized, significantly increasing the likelihood of liquidation. Since the court decided to discontinue the rehabilitation process on the 3rd, the operational difficulties at Homeplus stores have effectively reached their limit. Although politicians have begun pressuring MBK and Meritz to provide the necessary funds, the market continues to view the chances of survival as slim.
Homeplus at a bankruptcy crossroads… Clothing inventory fills food aisles
Stepping into a Homeplus store in the metropolitan area on the 8th, the first thing that caught my eye was the clothing display racks. The center of the food section, which should have been stocked with fresh produce like vegetables and fruit, was instead occupied by clothing inventory. With fresh food supplies not arriving smoothly and empty shelves difficult to fill with only private brand (PB) products, the space was filled with underwear and clothing stock instead. A customer pushing a cart through the food section, now crowded with clothing hangers, sighed and remarked, "How did Homeplus end up like this?"
The meat section appeared to have suspended operations, with the lights turned off, and pre-cooked food was also hard to find. As product deliveries ceased, most of the price tags for existing items were marked as "Sold Out." Employees were filling the empty display shelves with Homeplus PB products.
Many of the products remaining on the shelves were also unavailable for purchase. Throughout the store, notices stating, "This product is not for sale," were posted. In addition to products purchased directly by the store, Homeplus carries some consigned goods; however, recent requests from suppliers to stop sales have led to this situation. A store employee said, "The suppliers have stopped sales, so we've removed all the barcodes. There are many products you cannot buy right now."
The exodus of outsourced and tenant companies continued. As restaurants inside Homeplus closed one after another, some locations even shut down their food courts. Some stores are struggling to provide meals for their staff as the outsourced cafeteria operators have also pulled out. A Homeplus employee noted, "After the discontinuation decision, the contract with the cleaning company ended, so employees are now cleaning the restrooms themselves," adding, "A sense of despondency is growing among the staff."
The issue of employee wages remains unresolved. Since entering rehabilitation in March of last year, Homeplus has repeatedly delayed salary payments starting in December 2025 due to a lack of operating funds. According to the company, the cumulative amount of unpaid wages from December last year to June of this year is 141 billion won. However, Homeplus stated, "We completed payment for May wages by the end of June, and the current outstanding balance is 33.2 billion won for June."
"Only additional Meritz loans left"... Will political pressure be a variable?
On the 3rd, the Seoul Bankruptcy Court decided to discontinue the corporate rehabilitation process for Homeplus. The court judged that the revised rehabilitation plan was unlikely to succeed because Homeplus failed to prepare a plan to raise the 200 billion won in operating funds required by the court. However, the court provided a 14-day period for an immediate appeal, allowing the rehabilitation process to resume if Homeplus secures the operating funds within this timeframe. The deadline is July 20. If funds are not secured by then, the discontinuation of the rehabilitation process will be finalized, increasing the possibility of liquidation.
Homeplus had initially been pushing for a plan to secure an additional 200 billion won in DIP (Debtor In Possession) financing from Meritz Financial Group. However, it is known that Meritz Group drew a line at providing more than 100 billion won, and only on the condition of joint guarantees from MBK Partners and Chairman Kim Byung-ju.
As of now, an additional loan from Meritz Group is the only way for Homeplus to secure operating funds. Even after the decision to discontinue the rehabilitation process, Homeplus pleaded, "It is regrettable that Meritz Financial Group is refusing financial support," adding, "We beg our largest creditor, Meritz Financial Group, to provide a 200 billion won operating loan." However, Meritz Group remains cautious about additional support, judging that it is too burdensome to execute a new loan given the high probability of the rehabilitation process ending in failure.
Politicians have also begun to apply pressure. On the 9th, the Democratic Party's "Euljiro Committee" held a meeting at the National Assembly with the management of MBK Partners and Meritz to urge them to secure operating funds. The meeting was attended by Kim Kwang-il, Vice Chairman of MBK Partners, Cho Joo-yeon, CEO of Homeplus, and Kim Joong-hyun, CEO of Meritz Fire & Marine Insurance.
Min Byung-duck, Chairman of the Democratic Party's Euljiro Committee, demanded, "If the deadline passes on the 20th and no solution is found, the livelihoods of 100,000 people will collapse, including 13,000 workers such as tenant employees, and even the local commercial districts that have relied on Homeplus."
MBK Vice Chairman Kim Kwang-il responded, "As the Euljiro Committee has provided this venue, I will listen carefully and discuss the matter," and Homeplus CEO Cho Joo-yeon appealed, "Many people, including over 10,000 employees and partner company staff, work at our company. Please do not forget them and continue to support us." Meritz Fire & Marine CEO Kim Joong-hyun commented, "I hope a practical solution emerges. We will also do our best."
However, it is reported that no concrete funding plan was reached at the meeting. Biz Hankook asked Meritz about the possibility of additional support after the meeting but did not receive a clear answer. An industry insider said, "There have been many efforts in the past for politicians to lead an agreement between MBK and Meritz, but they have failed repeatedly," adding, "This meeting seems to be more about applying pressure, and it is uncertain whether it will lead to a substantive agreement."
Cornered with no way to raise funds, the Homeplus labor union has begun calling for the injection of public funds. A representative from the Homeplus branch of the Mart Industry Union claimed, "We believe it is possible to secure 100 billion won out of the 200 billion won through Chairman Kim Byung-ju's guarantee," and insisted, "If we can just raise the remaining 100 billion won, we can continue the rehabilitation process." They added, "DIP financing is operating capital provided to rehabilitation companies, and since it is subject to priority repayment even in the event of liquidation, we don't believe it would result in a loss of taxpayer money," and urged, "The government and the financial sector must step up to support the final 100 billion won."