Homeplus launches sale of 67 hypermarket stores amid restructuring

Homeplus, which is undergoing court receivership, has formally launched the sale of its 67 hypermarket stores in accordance with its rehabilitation plan.

The company said Thursday it is proceeding with the sale of all 67 hypermarket locations, including its headquarters and online business division. It is also putting up 19 company-owned real estate properties among the 37 stores slated for closure.

Homeplus plans to sell the remaining hypermarket operations and online business unit — along with the headquarters and individually owned real estate at closed stores — after completing the earlier sale of Homeplus Express. Samil PwC, the lead sale manager, is set to send investment information packages to potential acquirers this week.

Homeplus had previously outlined three core pillars of its rehabilitation plan: improving its financial structure through the sale of 19 company-owned stores among those being closed, strengthening business viability by normalizing operations and cutting fixed costs, and pursuing a merger and acquisition of the remaining business units.

The sale of the hypermarket business — including the headquarters and online division — will proceed as a business transfer. Real estate at closed stores will be sold individually. Once sale agreements are signed, Homeplus must draft a revised rehabilitation plan incorporating the proceeds and submit it to the court. The company said the timeline for creditor repayments could be moved up from the original schedule as a result.

"We are channeling all available funds into product procurement and working to normalize operations at the 67 core stores that have reopened," Homeplus said, adding that it has achieved tangible results by cutting roughly 500 billion won ($365 million) in fixed costs — primarily rent and labor — through the receivership process.

The company added that "ultimately, for Homeplus to successfully complete its rehabilitation, it is essential not only to improve the financial structure through store sales, but also to complete the sale of the hypermarket business, including the headquarters and online division."