Homeplus Co., which is undergoing a rehabilitation process, failed to pay employees' March wages on time. Majority shareholder MBK Partners injected an emergency 100 billion won, but most of it was used to pay back wages and Lunar New Year bonuses that had been in arrears, resulting in another delay in salary payments.
According to the industry on the 23rd, Homeplus Co. paid all overdue wages for January–February and Lunar New Year bonuses to employees on the 17th. However, it did not execute the March payroll that was scheduled for the 21st. Settlement payments to most partner firms and taxes also reportedly remain unpaid.
Earlier, MBK Partners disbursed 50 billion won on the 4th and injected an additional 50 billion won on the 11th. During the fundraising, personal assets, including the residence of MBK Chairman Kim Byung-ju, were provided as collateral.
However, as unpaid amounts—wages including bonuses, settlements owed to partner firms, taxes and public charges, and rent—were reported to exceed 100 billion won, it is analyzed that this disrupted the March wage payments.
Homeplus Co. plans to resolve its liquidity issues by selling its subsidiary Homeplus Express. Multiple bidders are said to have shown interest, and the deadline for submitting letters of intent (LOIs) is the 31st of this month.