Homeplus is preparing to reopen its stores with $200 million in emergency operating funds (DIP), but as of 3 p.m. today, the timing of the funding remains uncertain. The company plans to reopen its stores within a week of receiving the funds, but delays could push the reopening past the weekend.
According to the retail industry, Homeplus held a meeting today with employees from various stores to gather input on their willingness to return to work after the reopening. The company is assessing whether employees on leave wish to return or continue their leave.
Additionally, many indirect workers responsible for parking, cart management, and cleaning have withdrawn, which may require existing staff to take on some of these responsibilities during the initial reopening phase.
Homeplus has also begun practical preparations for store operations. Starting today, each store will have one inventory manager capable of operating a forklift, and the company has outlined expected delivery volumes and schedules for incoming products. Discussions are ongoing with suppliers of fresh and processed foods regarding delivery timelines.
A Homeplus representative stated, "A certain volume of products is expected to arrive at each store," but acknowledged that delays in confirming the DIP are causing some suppliers' delivery schedules to be postponed.
The key to reopening lies in when the $200 million DIP funding, pledged by the largest creditor, Meritz Financial Group, will be received. Homeplus had initially anticipated the funds would be available by today, but reports indicate that the window for receipt has been extended to August 5. Delays in funding will inevitably push back the reopening schedule.
Homeplus is eager to reopen 67 key stores to minimize losses from weekend sales. Missing weekend sales could significantly impact revenue and delay the resumption of deliveries from partner companies. Furthermore, if the shutdown continues into next week, the risk of customer attrition and inventory management challenges will increase.
A Homeplus representative emphasized, "We will focus all our efforts on normalizing operations and recovering corporate value to ensure that the sacrifices and cooperation of our employees are not in vain," adding that collaboration and support from stakeholders, including partners and the government, are crucial for normalization.
Meanwhile, on July 27, Homeplus management and labor agreed to temporarily adjust the timing and method of certain employee compensation to alleviate the company's liquidity burden and secure funds for reopening. As a result, the regular bonuses scheduled for next month will be distributed evenly over six months, and the timing of wage payments will be delayed by two months until March of next year, meaning last month's salary will be paid in September.
* This article has been translated by AI.
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