The hypermarket chain reportedly told its two labor unions that revenue was falling short of what it needs to meet repayments under the plan.
Unpaid July wages will be paid in two installments on Sept. 23 and 30, with payments to suppliers for goods ahead of the Chuseok harvest holiday taking priority.
Management also floated a voluntary redundancy program but shelved it after the unions balked, and discussed whether and when to close its Paju Unjeong store.
Homeplus' unpaid wages totaled 387.1 billion won ($282.9 million) from December 2025 through August, according to Ministry of Employment and Labor data.
The Chuseok bonus payment date has yet to be set.
Homeplus, acquired by private equity firm MBK Partners in 2015 for about 7.2 trillion won, filed for court receivership in March 2025 after a credit rating downgrade squeezed its short-term funding.
The Seoul Bankruptcy Court approved the plan on Sept. 2, two months after it had ordered the proceedings terminated, a decision Homeplus appealed after securing 200 billion won in emergency funding from Meritz Financial Group.
The sale of the hypermarket business has yet to gain traction. Samil PwC, the sale manager, plans to send teaser letters to major domestic and foreign companies soon, and Homeplus aims to secure at least one interested bidder by October.
AJP Takeaways
- Homeplus is generating about 40 percent of its targeted sales and will split unpaid July wages into two payments on Sept. 23 and 30, 2026, after the Seoul Bankruptcy Court approved its rehabilitation plan on Sept. 2, 2026.
- Homeplus' unpaid wages totaled 387.1 billion won from December 2025 through August 2026, according to Ministry of Employment and Labor data submitted to lawmaker Kim Wi-sang.
- Homeplus, owned by MBK Partners, aims to secure at least one interested bidder by October 2026, with Samil PwC preparing to send teaser letters to potential buyers.
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