Homeplus plans to reopen all 67 core stores currently under temporary closure once DIP loan funds arrive, following Seoul Rehabilitation Court's decision to cancel the liquidation order and extend the rehabilitation period until September 4. The court's reversal allows the South Korean retailer to focus on operational normalization and structural innovation. The company stated it will prioritize restocking high-turnover essential goods to improve cash flow during the extended rehabilitation period.
Seoul Rehabilitation Court Cancels Liquidation Decision
Seoul Rehabilitation Court canceled its previous decision to terminate Homeplus's rehabilitation proceedings and extended the rehabilitation period until September 4. The ruling enables the retailer to continue restructuring efforts while maintaining operations. Homeplus announced it will concentrate on business normalization and structural innovation work during the extended timeframe.
![Court cancels Homeplus rehabilitation termination]()
Court cancels Homeplus rehabilitation termination [Source: Yonhap News file photo]
Homeplus Announces 67-Store Reopening Plan
The company will reopen all 67 core stores currently under temporary closure upon receipt of DIP loan funds. Homeplus stated it will secure and sell high-turnover essential goods first to improve cash flow. Online operations will resume starting with 16 metropolitan area stores capable of immediate service, with gradual expansion of operating locations and delivery coverage through negotiations with delivery partners.
Company Prioritizes Vendor Payments and Employee Wages
Homeplus will allocate incoming DIP loan funds first to product payments, overdue rent, and utility costs essential for store operations. The company will process delayed employee wages and outstanding payments to small business vendors in parallel. Payment of these obligations will proceed once loan disbursement occurs.
Homeplus to Close 37 Underperforming Locations
The retailer will complete structural innovation work within the given period and proceed with full-scale sale efforts. Homeplus will close 37 underperforming stores currently under temporary closure during the remaining rehabilitation period. The company plans to minimize workforce at both headquarters and stores to reduce costs, with non-working personnel maintaining furlough status for the time being.
FAQ
What did Seoul Rehabilitation Court decide regarding Homeplus?
Seoul Rehabilitation Court canceled the liquidation order for Homeplus and extended the company's rehabilitation period until September 4. This decision allows Homeplus to continue restructuring operations and pursue a sale of the business.
How many Homeplus stores will reopen after receiving DIP loan funds?
Homeplus plans to reopen all 67 core stores currently under temporary closure once DIP loan funds arrive. The company will prioritize stocking high-turnover essential goods to improve cash flow, while 37 underperforming stores will proceed to permanent closure during the rehabilitation period.
