Homeplus Co., which is undergoing a rehabilitation process, moved to secure cash in the 120 billion-won range by handing over its supermarket institutional sector, Homeplus Express, to Harim Group.
According to the retail industry on the 7th, Homeplus Co. signed a definitive agreement in the afternoon to transfer the business rights of Homeplus Express to NS Home Shopping. NS Home Shopping is an affiliate of Harim Group.
Homeplus Express is known to have total assets of about 317 billion won and net worth of about 146 billion won. Through this transaction, the cash Homeplus Co. will secure is about 120.6 billion won.
Although it falls short of the initial 300 billion-won target, Homeplus Co. sees it as meaningful progress in terms of securing liquidity to continue the rehabilitation process. However, as the balance payment and settlement are expected to take about two months, securing additional operating funds remains a task.
Homeplus Co. is said to be requesting emergency funding from its largest creditor, Meritz Financial Group.
With this acquisition, Harim Group secured a network of about 290 Homeplus Express stores, the No. 3 player among corporate supermarkets. It is expected to create synergy by combining its existing food businesses, including chicken, ramen, and home meal replacements, with an offline distribution network.
NS Home Shopping said it will use its food expertise and distribution capabilities as a springboard to strengthen competitiveness both online and offline.