Homeplus, which is pushing for corporate rehabilitation, has once again extended the deadline for submitting its rehabilitation plan. This is because it has been unable to find potential acquirers for 'pre-approval mergers and acquisitions' by the submission deadline set by the Seoul Rehabilitation Court (on the 10th).
According to legal and retail industry sources on the 5th, Homeplus submitted an application to the court requesting an extension of the deadline for submitting its rehabilitation plan. The submission deadline designated by the Seoul Rehabilitation Court is on the 10th, which has been extended by two months from the original deadline of July 10.
Homeplus is pursuing the sale using the 'Stalking Horse' method, which involves signing a conditional acquisition contract while simultaneously conducting a public auction. If the plan proceeds as intended, it was supposed to exchange letters of intent (LOI) with potential acquirers by September and start preliminary due diligence to identify the final acquirer. Then, it was to submit the rehabilitation plan, including the details of pre-approval mergers and acquisitions, in October, but it has not even been able to conduct a public auction.
Additionally, Homeplus has also requested permission from the court to pay a deposit. Homeplus's cash flow has deteriorated since the initiation of rehabilitation proceedings, and 15 stores, where rent adjustment negotiations have been delayed, are being considered for closure within the year. These stores alone are experiencing operational losses of approximately 80 billion won, with over 70 billion won attributed to rent burdens.