Kim Byung-joo, chair of MBK Partners, the largest shareholder of Homeplus, said in a closed-door meeting with Kim Byung-ki, floor leader of the Democratic Party of Korea, that he would put off closing 15 Homeplus stores until a buyer is decided.
On the afternoon of the 19th, Democratic Party floor leader Kim Byung-ki visited the Homeplus Gangseo branch in Gangseo-gu, Seoul, and met representatives of MBK Partners and Homeplus, the Homeplus labor union, and the association of in-store tenants. That day, Kim held a separate closed-door meeting with MBK Chair Kim Byung-joo. Immediately after the meeting, Kim told reporters, "Chair Kim decided not to close the 15 stores and other outlets until a buyer is decided."
Democratic Party lawmaker Kim Nam-geun, who attended the meeting, said, "(MBK is) negotiating a sale now and must finish by Nov. 10, and if a buyer appears then, the buyer will decide whether to close," adding, "They said a few conditions must be met to avoid closures, and among them, large companies are not supplying goods, so we decided to consult on this with the Ministry of Trade, Industry and Energy and others." At the meeting, MBK reportedly conveyed that as large companies and others supply goods, they demand cash payment of advance payments and deposits, creating difficulties in cash flow management.
MBK Partners has faced criticism for focusing only on securing short-term liquidity through asset sales and sale-and-leaseback conversions after acquiring Homeplus in 2015, thereby weakening the corporations' competitiveness. Homeplus filed for court receivership in March, and since then suppliers have demanded advance payments and deposits, deepening the liquidity crisis. In the process, tens of thousands of Homeplus employees and partner-company workers have been driven into job insecurity.
The Democratic Party expanded the "Homeplus response TF" under the Euljiro Committee in March, but the situation was not resolved. Concerns grew further after Homeplus announced the early closure within the year of 15 branches nationwide. The Democratic Party recently expanded and set up the "MBK Homeplus situation resolution TF," appointing Yoo Dong-soo (Gyeyang-gap, Incheon) as Director General. Floor leader Kim Byung-ki's visit to Homeplus that day was also conducted to find solutions to the Homeplus situation.
The Democratic Party plans to address the Homeplus situation during this regular National Assembly audit. Floor leader Kim said, "The closure of Homeplus stores is an issue that threatens the jobs and livelihoods of tens of thousands, and if it becomes reality, it could effectively lead to the liquidation of corporations," adding, "The National Assembly and the government will work together to prepare alternatives."
Lawmaker Yoo Dong-soo, who heads the TF as Director General, said, "The Homeplus situation is not a matter of corporate management but an issue involving the livelihoods of 300,000 people, and MBK must first make an effort," adding, "On the premise of MBK's self-rescue plan, the TF will also move to straighten things out so that Homeplus can become a state fit for acquisition."
Lawmaker Min Byung-deok, chairperson of the Euljiro Committee, also said, "It is inevitable to have doubts about whether MBK is trying to run corporations normally or repeating 'eat-and-run capital,'" stressing, "MBK must show a genuine will to rehabilitate to find a win-win plan."