Homeplus CEOs apologizes, asks for understanding as payments are processed

Homeplus co-CEOs Jo Ju-yeon, right, and Kim Gwang-il apologize for the supermarket chain's shortcomings at a press conference at Homeplus's headquarters in Gangseo District, western Seoul, on March 14. [YONHAP] Homeplus executives apologized to investors and retailers affected by the supermarket chain's rehabilitation process and appealed for understanding from shareholders for an inevitable delay in payments as the company settles its debts. "I apologize to all partners, suppliers and investors who have been inconvenienced by the rehabilitation process,” Homeplus co-CEO Jo Ju-yeon said at a press conference at the company's headquarters in Gangseo District, western Seoul on Friday. Over 340 billion won ($233.7 million) of commercial receivables have been paid as of Thursday, the CEO said. Payments are being made to small businesses and retailers first, the CEO said, while asking for large firms' understanding in the delay. The majority of commercial receivables, excluding large firms and brands, will soon be paid off, she added. The company possessed 160 billion won in liquid assets as of Thursday and continues to earn cash from the supermarkets' ongoing operations, Jo said. A final plan for corporate rehabilitation will be submitted to the court by June 3, Homeplus's head of compliance Im Won-hee said. Homeplus entered corporate rehabilitation on March 14. The chain said the move was to resolve potential short-term liquidity problems stemming from an "unexpected" credit ratings drop. BY KIM JU-YEON [[email protected]]

Homeplus CEOs apologizes, asks for understanding as payments are processed Published: 14 Mar. 2025, 12:53 KIM JU-YEON [email protected] Homeplus co-CEOs Jo Ju-yeon, right, and Kim Gwang-il apologize for the supermarket chain's shortcomings at a press conference at Homeplus's headquarters in Gangseo District, western Seoul, on March 14. [YONHAP] Homeplus executives apologized to investors and retailers affected by the supermarket chain's rehabilitation process and appealed for understanding from shareholders for an inevitable delay in payments as the company settles its debts.

"I apologize to all partners, suppliers and investors who have been inconvenienced by the rehabilitation process,” Homeplus co-CEO Jo Ju-yeon said at a press conference at the company's headquarters in Gangseo District, western Seoul on Friday. Over 340 billion won ($233.7 million) of commercial receivables have been paid as of Thursday, the CEO said.

Payments are being made to small businesses and retailers first, the CEO said, while asking for large firms' understanding in the delay. The majority of commercial receivables, excluding large firms and brands, will soon be paid off, she added. The company possessed 160 billion won in liquid assets as of Thursday and continues to earn cash from the supermarkets' ongoing operations, Jo said.

A final plan for corporate rehabilitation will be submitted to the court by June 3, Homeplus's head of compliance Im Won-hee said. Homeplus entered corporate rehabilitation on March 14. The chain said the move was to resolve potential short-term liquidity problems stemming from an "unexpected" credit ratings drop.

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