[비즈한국] Homeplus announced that it has begun processing delayed settlement payments for tenants for January and February. While tenants breathed a sigh of relief after receiving the unpaid January balance, some remain anxious as the February settlements have yet to be finalized. There is also widespread skepticism regarding MBK Partners Chairman Kim Byung-ju’s decision to contribute his personal funds to pay small business owners.
'Received January payment, but still anxious'
On March 10, Homeplus applied to the Seoul Bankruptcy Court for permission to make early repayments of rehabilitation claims. The court granted the request on the 11th, initiating the repayment of outstanding settlement dues to tenants. As part of its corporate rehabilitation process, Homeplus had been unable to pay settlement dues for January and February to store tenants. The unpaid settlement amount totals approximately 112.7 billion won.
Generally, voluntary repayment of claims is prohibited once a company enters rehabilitation, but the court granted permission for early repayment to suppliers to ensure Homeplus’s normal operations. On the 7th, the court also approved the early repayment of commercial claims worth approximately 345.7 billion won, including payments for goods and services from December 2024 and January/February 2025.
Currently, tenants at Homeplus report that they have weathered the immediate crisis after receiving their January settlements. However, there is still lingering anxiety, as the February settlement process is scheduled for the end of this month. One business owner stated, "I breathed a sigh of relief after receiving the January settlement, but I haven't received the February payment yet. They say I might get it by the end of this month. I'm worried about whether it will actually come through."
Homeplus CEO Cho Joo-yeon said in a press conference on the 14th, "As of the 13th, we have completed repayments of 340 billion won in commercial claims, and payments to most small-scale businesses, excluding large corporations and brand-name tenants, will be completed soon." He added, "Considering that we had approximately 160 billion won in cash on hand as of the 13th and that cash is flowing in daily through operations, there will be no issues in paying the remaining commercial claims."
Homeplus explained, "The payment deadline for January is March 4th, and February is March 31st. That is why the February settlement has not been processed yet. We are continuing to repay commercial claims in sequence."
The anxiety spreading among tenants shows no signs of subsiding easily. There is a growing trend of stores installing external card terminals instead of Homeplus-dedicated ones or switching to bank transfers to continue operations due to concerns over further delays. Online communities for self-employed individuals are filled with posts asking for "external terminals that can be installed quickly."
Some tenants are even considering leaving Homeplus altogether. A representative of a food court tenant said, "I never thought about closing the business because sales weren't bad. But after experiencing these settlement delays, I'm contemplating whether I should keep operating. I feel like it might be better to sell things off cheaply and close up quickly."
Many businesses have not yet left but are planning to end operations. In one Homeplus location, there are 7 food court stores operating, and some of them have already put their shops up for closure. A store official noted, "We are currently looking for new tenants to fill 2 to 3 spots." Another official at a different location explained, "I know there are a few businesses planning to stop operations and leave."
Homeplus has approximately 8,000 leased stores (tenants). Recently, the hypermarket industry has been expanding the proportion of leased stores, and Homeplus has been recognized as a brand with a particularly high tenant ratio. Lee Jong-woo, a professor of business administration at Ajou University, explained, "There is a high possibility that tenants who have experienced payment delays will leave one by one due to anxiety. It's not just about empty shelves; if the stores and corners outside the checkout counters start closing one by one, the entire store becomes desolate. From that point on, customers will stop visiting Homeplus, and sales will inevitably drop sharply."
Chairman Kim Byung-ju's pledge of personal funds: "Estimating scope and amount for small business owners"
On the 16th, Homeplus announced that MBK Partners Chairman Kim Byung-ju would contribute his personal funds to facilitate payments to small business owners. MBK Partners, the private equity firm that owns Homeplus, stated in a press release, "We will fulfill our social responsibilities regarding the Homeplus rehabilitation process. As part of this, Chairman Kim Byung-ju will provide financial support so that payment can be made quickly to small business suppliers who are expected to face particular difficulties." However, the specific scale of the personal contribution was not mentioned.
The industry remains skeptical of Chairman Kim's move. An industry official pointed out, "Small business owners are defined as businesses with fewer than 5 regular employees. What percentage of Homeplus tenants would actually fall into that category? Even if it's called a personal contribution, I don't think the scale will be significant. It looks like a trick to avoid continued social criticism."
The labor union also criticized the pledge as a mere attempt to appease public opinion. The Homeplus branch of the Mart Industry Labor Union stated, "It seems Chairman Kim Byung-ju made the move of pledging personal funds only after the Homeplus situation became severe and social pressure intensified. We urge him to stop the corporate rehabilitation process and normalize the company through substantial personal contributions, not just stopgap measures."
Meanwhile, it is reported that Chairman Kim is leaving for an overseas business trip to Shanghai and Hong Kong starting on the 17th. The National Assembly's National Policy Committee had planned to hold an emergency inquiry regarding Homeplus on the 18th and selected Kim as a witness, but he submitted a statement of non-attendance, citing his overseas trip.
Homeplus stated, "It is difficult to confirm the scale of the personal contribution at this moment. However, we are internally working on defining the scope of small and micro-business owners and estimating the necessary funds accordingly."