8 hours Ago By Korea Bizwire
Homeplus President Joh Joo-yun speaks during a press conference at the company’s headquarters in western Seoul on March 14, 2025. (Image courtesy of Yonhap) SEOUL, March 14 (Korea Bizwire) — The president of Homeplus Co., a major discount store chain in South Korea, offered a public apology Friday to retailers and investors affected by the company’s court-led normalization process.
“I would like to sincerely apologize to all of our partners, store owners, investors and others who are experiencing inconvenience due to this rehabilitation process,” Homeplus President and Chief Executive Officer (CEO) Joh Joo-yun said during a press conference held at the company’s headquarters in western Seoul. “We will do our best to normalize the company as soon as possible to minimize the damage and inconvenience to many people.” She stressed that Homeplus remains financially stable, saying that the company had paid 340 billion won in commercial receivables as of Thursday and holds 160 billion won in cash.
Earlier this month, Homeplus entered court-led rehabilitation proceedings after two local credit rating agencies lowered the rating of its corporate bonds to A3- from A3, citing the retailer’s lack of efforts to improve its financial health. Over the past week, some local companies have suspended supplying products to Homeplus out of concerns that the retailer may not pay for the delivered goods. (Yonhap).
