[비즈한국] It has been about 40 days since Homeplus began the corporate rehabilitation process. Homeplus maintains that stores are operating normally regardless of the rehabilitation proceedings. However, an uneasy atmosphere has recently been spreading throughout Homeplus locations. The closure of tenant businesses is increasing, and job insecurity is growing among employees who are witnessing these changes.
'Operations Ceased' Notices at Clothing Stores and Cafes
At one Homeplus store in Gyeonggi-do, three tenants have closed their doors in succession. A women's clothing brand, 'A', has cleared out all inventory from its shop and posted a notice in front of the store stating, "Operations have ceased due to company circumstances." A representative for brand 'A' stated, "We have recently withdrawn from all Homeplus branches."
A restaurant in the food court has also closed. A banner hanging on the vacant storefront reads, "Seeking a new store operator." A bakery cafe also recently announced it was ceasing operations. Although a notice on the storefront stated, "Reopening at the end of April," a Homeplus employee explained, "It is true that store operations have ended. A new tenant has not yet been decided."
An industry insider noted, "There is a trend of brands that were located in Homeplus pulling out. It’s not just a few specific stores; they are withdrawing from all Homeplus branches," adding, "It is likely because the situation feels unstable."
Homeplus claims that the tenant closures are unrelated to the corporate rehabilitation process. A Homeplus official stated, "Other than companies whose contracts have expired, we have not heard of any brands withdrawing due to the corporate rehabilitation process," and added, "Stores are operating normally."
The increasing vacancy of tenants at Homeplus is also causing anxiety among consumers visiting the stores. One customer said, "I noticed that the names of recently closed businesses have been covered up on the floor directory. Even though store staff say they are operating normally, I can't help but feel a grim atmosphere," adding, "Isn't it possible that Homeplus might actually disappear? As someone who shops here often, it's very unfortunate."
Lee Jong-woo, a professor of business administration at Ajou University, pointed out, "Tenants come in through annual contracts. The trend is for businesses whose contracts are expiring to withdraw from Homeplus sequentially," noting, "Under Homeplus's current situation, who could sign a one or two-year contract? More businesses will continue to pull out in the future."
Job insecurity is also growing among supermarket employees. A representative from the Mart Industry Union of the Korean Service Industry Federation explained, "Partner companies have begun letting go of employees they had sent to Homeplus. Since almost no company products are entering Homeplus, there is a push to coerce sales staff to 'use up their annual leave and resign'," adding, "Because of this, the anxiety of the staff working on the ground is growing, and some are even leaving the company."
Picketing and Threat Reports: Chairman Kim Byung-ju in Conflict with Electronic Short-Term Bond Investors
MBK Partners Chairman Kim Byung-ju, who promised a private contribution last month, has recently contributed personal funds and provided payment guarantees for loans. It is known that Chairman Kim donated some of his personal funds to settle payments for over 2,000 suppliers to help resolve the Homeplus situation. On the 10th, he announced a 60 billion won loan payment guarantee.
In the process of Homeplus receiving a DIP (Debtor-in-Possession) financing loan of approximately 60 billion won from PEF operator Curious Partners, Chairman Kim is providing a payment guarantee in a personal capacity. If Homeplus fails to repay the loan, Chairman Kim is obligated to pay it. The loan has a three-year maturity and an annual interest rate of 10%.
Although Chairman Kim has kept his promise of a private contribution, social criticism continues. An industry source remarked, "Chairman Kim seems to place significance on keeping the promise of a private contribution he made himself. However, the problem is that it is a ridiculously small amount to resolve the current situation," adding, "It is unlikely that the Homeplus crisis will be calmed by private contributions at this level."
The Homeplus union points out that Chairman Kim’s guarantee method involves a high-interest loan. The union criticized, "Since acquiring Homeplus, MBK has been selling off real estate, pocketing dividends, and leaving the company to collapse under debt. This high-interest DIP loan is just an extension of that," adding, "Demanding that Homeplus repay a loan with a 10% annual interest rate is not pouring water on a burning house; it’s pouring fuel on it."
The conflict between victims of Homeplus goods purchase electronic short-term bonds and Chairman Kim is also escalating. On the 11th, 127 victims filed a complaint against Chairman Kim, Homeplus co-CEOs Kim Kwang-il and Cho Joo-yeon, and Financial Management Head Lee Sung-jin for fraud under the Act on the Aggravated Punishment, etc. of Specific Economic Crimes and violations of the Capital Markets Act. The total damage to investors is estimated to be around 90 billion won.
The Emergency Response Committee for victims of the Homeplus electronic short-term bonds has been staging a protest in front of the residences of Chairman Kim and MBK Partners Vice Chairman Kim Kwang-il since the 7th, demanding an immediate return of principal. They hold pickets from 8 AM to 6 PM daily, urging a resolution to the Homeplus situation. A committee representative raised their voice, saying, "All we want is to get our money back. That money is someone's retirement fund and someone's wedding fund."
Meanwhile, it is known that Chairman Kim recently reported the committee to the Yongsan Police Station for threats. According to the committee, they posted flyers (containing protests against the fraudulent issuance of Homeplus liquidity electronic short-term bonds) on the wall of the parking lot and in front of the entrance to Chairman Kim's residence on the 7th, and received an official document from the police requesting investigation cooperation regarding a threat report two days later on the 9th. The committee remarked, "We are now under police investigation for threats. Isn't this a case of wanting to avoid damage to his own rights while infringing on the victims' rights to debt repayment?"
Regarding this, Homeplus stated, "While MBK Partners is the major shareholder of Homeplus, we do not communicate directly with Chairman Kim Byung-ju. We have no comment regarding the (threat report)."