Homeplus back in business, faces 3-week survival test
Homeplus, which had been on the brink of closure, is accelerating efforts to normalize operations after securing 200 billion won ($141 million) in emergency operating funds, company officials said Monday. Whether the large-scale retailer can restore customer trust and sales and prove its viability by the Sept. 4 deadline for approval of its rehabilitation plan will be a key test of its recovery,…
Homeplus, a struggling retailer, is set to resume business operations after receiving a substantial emergency fund of 200 billion won ($141 million) to keep its doors open. The company's officials announced on Monday that they are speeding up their efforts to restore normal functioning. Industry analysts are closely watching whether Homeplus can regain customer loyalty and sales by the deadline of September 4, when its rehabilitation plan must be approved.
On Monday, Homeplus reactivated online orders at 2 p.m. local time, marking the beginning of a trial reopening of 67 key stores across the country. Earlier, on July 15, 67 stores were temporarily suspended due to financial difficulties. The company aims to return to full operations by September 4, accompanied by marketing campaigns designed to lure customers back.
Homeplus has been under court-directed rehabilitation proceedings since March 4 of the previous year. However, the Seoul Bankruptcy Court decided to terminate the proceedings on July 3, citing the firm's inability to raise the required funds independently following its struggle to secure the necessary 200 billion won in minimum operating funds needed to comply with the rehabilitation plan.
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- Homeplus back in business, faces 3-week survival test koreatimes.co.kr
