Homeplus Secures $1.5 Billion in Emergency Funding, Reopening 67 Stores

Homeplus has secured 200 billion won (approximately $1.5 billion) in emergency funding and plans to gradually reopen starting August 7.

The company announced on August 5 that the Seoul Bankruptcy Court approved a DIP loan of 200 billion won from Meritz Financial Group. Homeplus expects the funds to be available later today.

Previously, on July 3, the Seoul Bankruptcy Court decided to terminate Homeplus's restructuring process due to insufficient operating funds. In response, Homeplus entered into a DIP loan agreement with Meritz Financial Group and filed an immediate appeal with the court.

With a funding solution in place, the court reversed its decision to terminate the restructuring process and extended the deadline for the approval of the restructuring plan to September 4.

As soon as the funds are received, Homeplus will finalize discussions with key partners, including suppliers and delivery companies, to resume operations at the 67 temporarily closed stores. The company plans to begin a soft opening on August 7, followed by operational checks and adjustments until August 12, with a formal opening scheduled for August 13.

Homeplus has also conducted a workforce assessment for the reopening. On August 3, the company held meetings with employees at each store to confirm the return intentions of those on leave.

However, many indirect employees responsible for parking, cart management, and cleaning have reportedly left during the closure, raising the possibility that existing staff may need to take on some of these responsibilities.