In March 2025, Homeplus filed for court receivership in South Korea. However, just before the filing, the company had continued to issue corporate bonds, commercial paper (CP), and gift certificates, thereby raising money from the market even as financial trouble mounted. Now that the rehabilitation process has begun, investors and partner businesses are facing serious losses.

In late February, Korean credit rating agencies downgraded Homeplus’s short-term credit rating from A3 to A3-. After the court filing, the rating dropped further to “D,” meaning default-level risk.

Many retailers also stopped accepting Homeplus gift certificates, leading to confusion and complaints from consumers and small business owners. But that’s not the end of the problem. Homeplus is currently seeking a buyer as part of its court-approved rehabilitation plan.

PwC Korea has been appointed to find potential investors. However, if the sale falls through or liquidation becomes necessary, thousands of employees and partner companies could lose their livelihoods.

Homeplus has already sold several of its store buildings to real estate firms and leased them back. Now, with reports that the company may sell off more properties entirely, employees and store tenants are becoming increasingly anxious about closures. 

According to MBC’s investigative program “Straight” aired on June 16, a Homeplus employee said: “If just one store closes, 300 to 500 jobs are gone. This isn’t just about a company. It’s about people’s lives.”

MBK Partners acquired Homeplus in 2015 through a leveraged buyout, using the company’s own assets as collateral. Since then, critics say MBK prioritized short-term profits by selling assets and cutting spending.

Now, the court-led rehabilitation feels less like recovery and more like a way for shareholders to walk away, passing the financial burden onto others.

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