Seoul court terminating Homeplus rehabilitation process illustration
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Seoul court terminates Homeplus rehabilitation process

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The Seoul Bankruptcy Court decided Friday to end rehabilitation proceedings for Homeplus after the retailer failed to secure needed funds.

The Seoul Bankruptcy Court rejected Homeplus' revised rehabilitation plan. The court cited the company's failure to secure at least 200 billion won as the reason for termination.

Homeplus, wholly owned by MBK Partners since its 2015 acquisition from Tesco, entered court-led rehabilitation last March. The retailer has 14 days to appeal the ruling.

The Finance Ministry announced support measures for employees and partner firms, including compensation for unpaid wages and low-interest loans totaling up to 440 billion won in liquidity aid.

ሰዎች ምን እያሉ ነው

Initial reactions on X highlight the Seoul court's termination of Homeplus rehabilitation leading to likely liquidation, concerns over job losses for thousands of employees, and criticism of private equity firm MBK Partners for the failed turnaround.

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