The shelves of a Homeplus store in western Seoul remained poorly stocked Friday after its reopening a day before. Photo by Tae-gyu Kim/UPI
SEOUL, Aug. 11 (UPI) — South Korean discount chain Homeplus, which is owned by private equity firm MBK Partners, temporarily resumed operations at the end of last week ahead of a full-scale reopening slated for Thursday after a monthlong suspension.
However, the retailer appears not yet ready to fully welcome shoppers, with many shelves remaining poorly stocked as of Saturday.
MBK acquired Homeplus from Tesco in a multibillion-dollar transaction in 2015. The Seoul-based retailer, however, entered court-led rehabilitation proceedings in early 2025 after years of mounting losses.
MBK, which is headed by Chairman Michael Byungju Kim, subsequently gave up its rights to more than $1.5 billion in Homeplus common equity as part of efforts to facilitate a sale of the struggling retailer, but attempts to find a buyer proved unsuccessful.
Against this backdrop, the court suspended the rehabilitation proceedings last month, fueling concerns that Homeplus could face liquidation.
The bankruptcy court later extended the rehabilitation proceedings until early next month after the cash-strapped retailer secured $130 million in funding needed to continue restructuring efforts.
“We have continued to receive inquiries regarding the progress of reopening our 67 key stores. We would therefore like to provide a detailed update on the current situation,” Homeplus said in a statement Friday.
“We expect to complete all preparations by Wednesday,” it added. “Currently, about 30% of the planned merchandise inventory has arrived at stores, with additional deliveries scheduled to continue through Wednesday.”
Despite the optimism of Homeplus, some shoppers appear to remain skeptical about the future of the financially distressed retailer.
“I have been shopping at our Homeplus store for years. The store has been my go-to place for everyday necessities,” Kim Soo-jin, a Seoul housewife in her 30s, told UPI.
“There aren’t enough products in stock, so I’m not really sure what we can do. I think that things will eventually improve down the road, but I don’t know what’s going to happen from here, either,” she said.
