The distribution and food service industries are consecutively halting payments using Homeplus gift certificates. This is due to Homeplus, the second-largest supermarket, applying for corporate rehabilitation. This measure aims to preemptively block potential delays in redeeming gift certificates that may occur once rehabilitation procedures begin. The distribution industry is watching the situation closely, believing similar actions may spread.
According to the distribution industry on the 5th, CJ Foodville, which operates VIPS and Tous les Jours, along with CJ CGV, Shilla Duty-Free, Samsung C&T's fashion institutional sector, and Ambassador Hotel, have all suspended payments using Homeplus gift certificates.
There are places discussing the suspension of payments. HDC I-MARKET MALL, Shilla Hotel, and Shilla Stay are in negotiations with Homeplus. The dining brand group operating Outback Steakhouse has not yet suspended payments but stated it would decide on the suspension based on the outcome of discussions. A representative from the distribution industry noted, "In fact, we hadn't planned to stop gift certificate payments, but given the movements of other distributors, we are watching the situation carefully."
This is a measure taken following Homeplus's application to start corporate rehabilitation procedures on the 4th due to a downgrade in credit rating. With Homeplus entering the rehabilitation process, concerns have arisen that there may be delays or impossibility in the redemption of gift certificate usage amounts until a decision is reached. A representative from the distribution industry stated, "Last year, during the e-commerce TMAP (Tmon + WeMep) incident, there were cases where the redemption for Happy Money gift certificates was delayed or not received, which has contributed to the growing concerns," adding, "Homeplus claims that gift certificate redemption will occur, but the worrying part is the delay in settlement."
However, Homeplus maintains that the suspension of gift certificate payments is a precautionary measure. Homeplus's application for corporate rehabilitation procedures was proactive and claims there are currently no immediate issues regarding credit tightening or liquidity problems. Furthermore, it explained that the sales from Homeplus gift certificates are not at a burdensome level.
A Homeplus representative stated, "The proportion of gift certificate sales in total sales is minimal. 96% is used at Homeplus, Homeplus Express, and the Homeplus online mall, while only about 4% is used at partner stores," adding, "Gift certificates are not financial bonds but general commerce bonds, so they are redeemed 100%." According to Homeplus, the annual total issuance amount of gift certificates is in the range of 200 billion won. Of that, the amount used at external franchises is about 7 billion to 8 billion won.
Homeplus gift certificate usage locations include over 20 places such as Homeplus supermarkets and Express, Shilla Duty-Free, Enter6, Outback Steakhouse, Dr. Robin, Everland, CARRY, Shilla Stay, and Hotel Shilla.