[Alpha Biz= Ellie Kim] Homeplus, currently under court-led rehabilitation, has temporarily suspended operations at 37 stores starting May 10 in a bid to mitigate revenue declines caused by liquidity constraints. However, a joint emergency committee representing workers, tenants, and delivery partners has strongly opposed the move, alleging it reflects a “pre-planned liquidation scenario” by its majority shareholder, MBK Partners.

At a press conference held at the National Assembly on May 11, the Homeplus Joint Emergency Committee stated, “The abrupt shutdown of 37 stores without any countermeasures is not a strategy for business normalization,” adding that employees are effectively losing their workplaces despite promises of reassignment. “The fear of mass unemployment is becoming a reality on the ground,” the committee said.

Earlier, on May 8, Homeplus announced that it would enter a second phase of restructuring aimed at improving the viability of its remaining businesses, including hypermarkets, online operations, and headquarters functions. As part of this plan, the company said it would temporarily close 37 underperforming stores out of its total 104 locations until July 3.

The company explained that amid product shortages at many stores—leading to sales declines of more than 50% year-on-year and customer attrition—it intends to concentrate available inventory at 67 operational stores to stabilize performance.

The temporarily closed locations include four in Seoul, eight in Gyeonggi Province, five in Incheon, ten in the Busan and South Gyeongsang region, five in Daegu and North Gyeongsang, and five across the Chungcheong and Jeolla regions.

Homeplus stated that employees at affected stores will receive shutdown allowances equivalent to 70% of their average wages and may be reassigned to other operating locations if they wish to continue working.

The committee, however, argued that “inhumane mass furloughs are effectively being imposed on directly employed workers,” warning of implicit pressure to resign. It also raised concerns that delivery workers, long-time partner company employees, and in-store tenants—many of whom depend on the stores for their livelihoods—are at risk of being left without support.

The committee called on the government to involve UAMCO in the rehabilitation process and to prepare emergency measures, including the potential injection of public funds. It also urged creditors, including Meritz Securities, to take social responsibility.

Additionally, the committee demanded that Homeplus management consult with labor representatives in advance regarding operational plans and workforce measures. It warned that if these demands are not met, around 50 union officials and members from the Homeplus branch of the Mart Industry Labor Union will launch an additional hunger strike starting May 14—marking the fourth such protest since the company entered rehabilitation.

 

 

 

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