Homeplus to reopen all 67 temporarily closed stores
Homeplus will reopen all 67 of its temporarily shuttered discount stores Thursday, resolving a monthlong closure driven by a severe cash crunch. The retail chain, owned by private equity firm MBK Partners, had closed the stores in mid-July as it entered court-supervised rehabilitation — Korea’s equivalent of Chapter 11 bankruptcy protection. Ahead of the official relaunch, the chain has been…
Homeplus, a discount retailer owned by private equity firm MBK Partners, announced on Wednesday that all 67 of its temporarily closed stores will reopen on Thursday. The decision comes after a month-long closure driven by a severe cash crunch. The chain had entered court-supervised rehabilitation, similar to Chapter 11 bankruptcy protection in the United States, in mid-July.
Preparations for the relaunch began on August 7, and final inspections concluded on Wednesday. Once the stores reopen, 59 out of 67 locations will resume online delivery and e-commerce operations. Homeplus had shuttered all its stores on July 13, citing a lack of operating funds to pay suppliers and cover expenses like rent and utilities.
The company had been under court receivership since March 2025, following a credit rating downgrade that left it unable to pay short-term debt. The Seoul Rehabilitation Court briefly considered terminating the proceedings in early July, potentially pushing the retailer toward liquidation. However, it reversed that decision later that same week, allowing the rehabilitation process to continue.
Written by urgent.news from The Korea Times's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
