Homeplus债权人将表决重整计划，失败或走向清算

Creditors of South Korean megamart Homeplus will convene on Wednesday afternoon to vote on a rehabilitation plan aimed at keeping the company afloat.

Key terms in the plan up for approval include property and asset sales, layoffs, along with the closure of underperforming stores, according to the plan. If creditors endorse the proposals, it’ll go to the Seoul Bankruptcy Court for approval — which by law must issue a ruling by Friday — potentially giving the retailer a path to an operational turnaround.

Failure by its largest creditor Meritz Financial Group and other stakeholders to reach agreement may potentially push Homeplus, already under corporate rehabilitation proceedings similar to US Chapter 11, toward liquidation.

Homeplus, once Korea’s No. 2 hypermarket chain that sold everything from TVs to kimchi, has become a symbol of brick‑and‑mortar chains struggling to adapt to the e‑commerce boom and changing consumer habits. Its controlling shareholder MBK Partners has faced intense scrutiny over its stewardship of the retailer, fueling broader debate about private equity accountability in the country.

Homeplus, which was acquiredby MBK from British retail giant Tesco in 2015 in one of Asia’s largest private equity buyouts at the time, still employs tens of thousands despite a reduced footprint. It estimated it owes creditors about 2.7 trillion won ($1.97 billion), according to the rehabilitation plan.

Buckling under debt, intense competition, and falling sales, the company applied for court rehabilitation in March 2025, a local legal mechanism allowing firms to restructure under judicial supervision. The process is designed to help distressed companies recover efficiently while avoiding liquidation.

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Throughout the process, the retailer’s restructuring efforts have hit multiple obstacles, including court extensions of proceedings, revised rehabilitation plans, and unloading of assets.

Under Korean law, the bankruptcy court has up to 18 months to approve a rehabilitation plan backed by creditors. That sets a firm deadline of September 4 for this case.

In July, the court haltedthe company’s rehabilitation proceedings, citing a plan that’s “not executable.” It reversed the decision after Homeplus secured a debtor-in-possession loan.