Homeplus buyer search clouded by debt, labor challenges

Homeplus is uncertain to attract a buyer despite court approval of its rehabilitation plan in Seoul on Sept. 2. The retailer faces heavy liabilities, labor issues and a weak traditional retail market. MBK Partners plans to sell closed stores and later seek a full company sale. Around five prospective investors, including Naver, Hyundai Department Store Group, GS Retail and Harim, are being mentioned.

The Seoul Bankruptcy Court approved Homeplus’ rehabilitation plan on Sept. 2 after a creditors’ meeting.

MBK Vice Chairman and Homeplus co-CEO Kim Kwang-il said the company will seek an M&A deal after selling closed stores to repay remaining debt.

Homeplus plans to divest 19 company-owned properties from its 54 defunct locations by February 2028.

The National Assembly Research Service said Korean hypermarket revenues fell by an annual average of 4.2 percent from 2021 to 2025, while online retail grew at an annualized 10.1 percent over the same period.

Any buyer would need to take on about 9,400 workers, multiple union bargaining units and outstanding trade debts owed to small vendors.

Published Sep 8, 2026 7:00 am KST

Shoppers are seen inside a Homeplus store in Seoul, Sept. 2. Yonhap

Homeplus, which had been on the brink of liquidation, cleared a major legal hurdle with the court’s approval of its rehabilitation plan earlier this month. But while finding a new owner to continue the business is essential to Homeplus’ long-term recovery, it remains uncertain whether the company can attract a buyer given its substantial liabilities, labor-related challenges and a structural slump in traditional retail, industry officials said Monday.

The decision by the Seoul Bankruptcy Court on Sept. 2, following a creditors’ meeting, formally allowed the retailer, controlled by private equity firm MBK Partners, to carry out the debt repayment and restructuring measures outlined in the plan.

“After selling closed stores, we will pursue a merger and acquisition of the company itself to repay the remaining debt,” MBK Vice Chairman and Homeplus co-CEO Kim Kwang-il told the meeting.

The retailer plans to divest 19 company-owned properties out of its 54 defunct locations by February 2028 to satisfy its outstanding debt obligations, and then push for a full company sale to fulfill its commitments to creditors.

According to market insiders, around five prospective investors are being mentioned as potential buyers, including Naver, the country’s largest local online portal and a major e-commerce platform.

For Naver, Homeplus’ physical network could enhance its fulfillment infrastructure, which currently relies on external partners such as CJ Logistics.

Within traditional retail, Hyundai Department Store Group and GS Retail are regarded as potential bidders that could leverage Homeplus to bolster their large-format retail and rapid-delivery capabilities.

Harim, the country’s largest poultry processing company, which previously acquired Homeplus Express through its affiliate NS Shopping, is also considered a potential buyer.

Homeplus’ earlier push to engineer a sale before finalizing the restructuring plan last year ended without receiving a single binding letter of intent.

Furthermore, Homeplus’ underlying value has diminished due to the liquidation of real estate during the 18-month legal process, reducing the company’s appeal to potential buyers.

Broader industry headwinds have added to the uncertainty. Figures from the National Assembly Research Service reveal that Korean hypermarket revenues contracted by an annual average of 4.2 percent from 2021 to 2025, contrasting sharply with a 10.1 percent annualized growth rate in online retailing over the same period.

Any prospective owner must also assume responsibility for some 9,400 workers, deal with multiple union bargaining units and settle outstanding trade debts owed to small vendors.

“Homeplus retains considerable appeal through its national footprint and fresh goods distribution networks, yet slumping market trends and post-deal liabilities present a tough sell for corporate boards,” an industry official familiar with the issue said on condition of anonymity.

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尽管首尔法院于9月2日批准了Homeplus的重组计划，但该公司能否找到买家仍不明朗。这家零售商面临巨额债务、劳工问题以及疲软的传统零售市场。MBK Partners计划出售已关闭的门店，并最终寻求整体出售。目前有传言称，包括Naver、现代百货集团、GS Retail和Harim在内的约五家潜在投资者正在洽谈中。

首尔破产法院在9月2日债权人会议后批准了Homeplus的重组计划。

MBK 副董事长兼 Homeplus 联席首席执行官金光日表示，公司将在出售已关闭的门店以偿还剩余债务后寻求并购交易。

Homeplus 计划在 2028 年 2 月之前从其 54 个已倒闭的地点剥离 19 个公司拥有的房产。

韩国国会研究服务处表示，2021年至2025年，韩国大型超市的收入年均下降4.2%，而同期在线零售业的年均增长率为10.1%。

任何买家都需要承担大约 9400 名工人、多个工会谈判单位以及欠小供应商的未偿贸易债务。

发布于2026年9月8日 上午7:00（韩国标准时间）

9月2日，顾客在首尔一家Homeplus商店内购物。（韩联社）

此前一度濒临破产清算的Homeplus，本月初凭借法院批准的重组计划扫清了一大法律障碍。但业内人士周一表示，尽管找到新的所有者继续经营对Homeplus的长期复苏至关重要，但鉴于其巨额负债、劳资纠纷以及传统零售业的结构性低迷，该公司能否吸引买家仍是未知数。

9月2日，首尔破产法院在债权人会议后作出决定，正式允许这家由私募股权公司MBK Partners控制的零售商执行计划中概述的债务偿还和重组措施。

MBK 副董事长兼 Homeplus 联席首席执行官金光日在会上表示：“在出售已关闭的门店后，我们将寻求对公司本身进行合并和收购，以偿还剩余债务。”

该零售商计划在 2028 年 2 月之前剥离其 54 家倒闭门店中的 19 家公司自有物业，以偿还未偿债务，然后推动公司整体出售，以履行其对债权人的承诺。

据市场内部人士透露，有大约五家潜在投资者被认为是潜在买家，其中包括韩国最大的本地在线门户网站和主要电子商务平台Naver。

对于 Naver 而言，Homeplus 的实体网络可以增强其物流基础设施，而目前 Naver 的物流基础设施依赖于 CJ Logistics 等外部合作伙伴。

在传统零售领域，现代百货集团和GS零售被视为潜在的竞标者，他们可以利用Homeplus来增强其大型零售和快速配送能力。

韩国最大的家禽加工企业 Harim 也被认为是潜在买家，该公司此前通过其附属公司 NS Shopping 收购了 Homeplus Express。

Homeplus 去年在最终确定重组计划之前曾努力促成出售，但最终未能收到任何一份具有约束力的意向书。

此外，由于在长达 18 个月的法律程序中清算了房地产，Homeplus 的基本价值有所下降，降低了该公司对潜在买家的吸引力。

更广泛的行业逆风加剧了不确定性。韩国国会研究服务中心的数据显示，2021年至2025年，韩国大型超市的收入年均下降4.2%，与同期在线零售业10.1%的年均增长率形成鲜明对比。

任何潜在的所有者还必须承担约 9400 名工人的责任，与多个工会谈判单位打交道，并结清欠小供应商的未偿贸易债务。

一位熟悉此事的业内人士匿名表示：“Homeplus凭借其遍布全国的业务网络和新鲜商品分销网络，仍然具有相当大的吸引力，但市场趋势下滑和交易后的负债给公司董事会带来了很大的压力。”

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