Homeplus outlets resume operations after court extends rehabilitation proceedings
Financially troubled discount store chain Homeplus said Wednesday it has resumed operations at all 67 of its outlets nationwide following a court decision to extend its rehabilitation proceedings. Homeplus temporarily closed all 67 outlets on July 13, due to a lack of operating funds after the Seoul Bankruptcy Court terminated its rehabilitation proceedings earlier that month, saying the company…
Homeplus, a discount store chain previously owned by Tesco Plc, has resumed operations across all 67 of its nationwide outlets following a court decision to extend its rehabilitation proceedings. The retailer, which is wholly owned by private equity firm MBK Partners, had temporarily closed all its outlets on July 13 due to a lack of operating funds after the Seoul Bankruptcy Court terminated its rehabilitation proceedings.
The court overturned its earlier decision on July 21 and extended the proceedings until September 4 after the company filed an appeal. The extension came as Homeplus, which has been financially strained by a prolonged downturn in the discount store industry, sought additional time to secure the required 200 billion won to carry out its self-rescue plan.
The company previously operated 104 outlets across the country, but 37 of them are no longer in operation.
Brief written by urgent.news from The Korea Times's own syndicated text. Machine-written — it may contain errors, so check the original before relying on it.
