Homeplus temporarily closes outlets due to financial difficulties

Homeplus temporarily closes outlets starting Monday

Financially troubled discount store chain Homeplus Co. said Monday it has decided to temporarily close its outlets starting Monday due to a lack of operating capital and difficulties in maintaining store operations. The decision came after the Seoul Bankruptcy Court terminated Homeplus' rehabilitation proceedings on July 3, saying the company had failed to secure at least 200 billion won ($130 million) needed to carry out its self-rescue plan. The retailer, wholly owned by private equity firm MB

By The Korea Herald