Retail sales index marks record drop in Q2 amid Homeplus fiasco
The retail sales index at Korea's discount stores posted the sharpest year-on-year fall in the second quarter, partly due to the closure or operation suspension of stores at Homeplus, which is going through a corporate rehabilitation process, government data showed Sunday. The retail sales index at Korea's discount store chains was 77.8 points in the April-June period, down 9.4 percent from the…
Korea's discount store sector saw its largest year-on-year sales decline in the second quarter, according to government data released on Sunday. The retail sales index for these chains fell by 9.4% to 77.8 points between April and June, marking the steepest drop since records began in 2010. The sharp decline is largely attributed to the closure and suspension of Homeplus stores, which is currently undergoing a corporate rehabilitation process.
As of June, Homeplus had closed 37 out of its 104 physical locations due to a lack of operating capital and challenges in maintaining store operations. Following the termination of Homeplus's rehabilitation proceedings by the Seoul Bankruptcy Court in early July, the company temporarily suspended operations at its remaining 67 stores. However, these stores were reopened after the bankruptcy court's decision.
Written by urgent.news from The Korea Times's reporting — not their text. Machine-written — it may contain errors, so check the original before relying on it.
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