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, once on the verge of collapse, is making a swift recovery by ramping up operations with a substantial injection of emergency funds. The company, valued at 141 million U.S. dollars, received 200 billion won ($141 million) in financial support to bolster its business operations. The success of Homeplus' rehabilitation hinges on its ability to regain customer confidence and sales by September 4, when the court will review its rehabilitation plan.
On Monday, Homeplus restarted online orders and reopened 67 key stores nationwide on a trial basis following their temporary closure since July 13. The retailer aims to fully resume operations by Thursday, accompanied by marketing efforts to draw in customers. This resurgence follows a court-led rehabilitation process initiated in March, which was recently deemed unnecessary by the Seoul Bankruptcy Court on July 3, citing the firm's struggle to secure the required funds independently.
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- Homeplus back in business, faces 3-week survival test koreatimes.co.kr
