Homeplus Co., which is undergoing rehabilitation, was found to have failed to pay about 70 billion won in taxes, including the comprehensive real estate tax. Since the start of the rehabilitation process, Homeplus Co. has struggled to normalize operations.
According to the industry on the 12th, Homeplus Co. failed to pay the comprehensive real estate tax, value-added taxes, local government tax, and property tax on time. The amount of unpaid taxes is about 70 billion won.
Earlier, Homeplus Co., amid worsening cash shortages, also fell behind on electricity bills for July–August. Korea Electric Power Corporation (KEPCO) suspends power supply to users who have not paid electricity bills for three months or more. In response, Homeplus Co. belatedly paid the July electricity bill, but the August and September bills are reportedly still unpaid.
Since applying for rehabilitation on Mar. 3, sales at Homeplus Co. have fallen more than 20% from a year earlier. Product supply from vendors has not been smooth, and a shorter settlement cycle has further strained liquidity.
The acquisition and merger (M&A) process before court approval of rehabilitation is also facing difficulties. On the 31st, two companies, Harex InfoTech and Snowmad, submitted letters of intent to acquire, but both lack financial resources and have no distribution experience, leading to assessments that an actual acquisition is unlikely. The corporations that submitted letters of intent plan to conduct due diligence and decide by the 26th whether to submit a final bid proposal.