Homeplus faces another shutdown crisis just three months after reopening. Despite sluggish sales that have made it difficult even to purchase inventory, discount promotions continue, and internal discussions are now raising the possibility of a temporary closure of all stores in November.
According to industry sources on Nov. 14, concerns about a temporary closure of all Homeplus stores this month are spreading within the company. Critics point out that a situation similar to the temporary closure in July is being repeated, as discount promotions continue despite severe financial difficulties.
Homeplus had planned to purchase goods and settle debts using funds secured through its business operations, but sales have fallen significantly below initial expectations. It was assessed that daily sales last week did not even reach 3 billion won.
The sluggish sales have led to disruptions in the supply of goods. Homeplus, which is undergoing rehabilitation proceedings, has been bringing in merchandise by making advance payments or paying cash to suppliers.
However, as funds for advance payments have run dry, it is facing difficulties in additional purchases. It is known that current inventory purchase volumes have decreased by approximately 30% compared to the early days of reopening. A vicious cycle continues where a lack of product variety leads to a decline in customer foot traffic.
Internally, the ongoing discount promotions are being viewed as similar to the situation just before the temporary closure in July.
At that time, Homeplus sold off inventory through large-scale weekend sales before announcing a temporary closure of all stores. Currently, discount promotions continue centered on items with remaining stock, heightening concerns about additional closures.
An official from the Homeplus branch of the Mart Union said, "It is unreasonable to run discount sales in a situation where no revenue is being generated. Even if we hold discount sales, customers do not come."
He further noted, "Because there is a memory of the July temporary closure, it is impossible not to compare the current situation. We are closely monitoring the situation."
The company side is also not ruling out the possibility of a closure. A Homeplus official said, "It is true that our financial situation is very poor," and asked, "How can we operate without operating funds?"
If additional closures become reality, it could place a burden on maintaining the rehabilitation proceedings. The official said, "The court continuously checks whether the rehabilitation plan is being properly executed. If it is not carried out as planned, the rehabilitation proceedings may be terminated even after approval."
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