Gov't provides $55 mil. to Homeplus workers over 5 months
Summary
The government has provided 77.8 billion won in support to Homeplus workers over the past five months, the finance ministry said Friday. The aid covered unemployment benefits, unpaid wages, and government-backed living-expense loans, while local suppliers and partner companies also received support. Homeplus resumed operations at all 67 outlets this week after a court extended its rehabilitation proceedings.
Key Facts
- From March 3 through Wednesday, Homeplus employees received 35.9 billion won in unemployment benefits and state payments of unpaid wages.
- Workers also received 41.9 billion won in government-backed loans for living expenses over the same period.
- Local suppliers and partner companies received 11.6 billion won through the Korea SMEs and Startups Agency and other related public corporations.
- The banking sector provided 30.9 billion won in loans to such businesses and extended the maturities of loans worth 5.4 trillion won.
- Homeplus, wholly owned by MBK Partners, entered court-led rehabilitation proceedings in March 2025 and resumed operations at all 67 outlets nationwide earlier this week.
People shop at a Homeplus store in Daejeon, some 140 kilometers south of Seoul, Thursday, as the discount chain resumed operations of its stores nationwide after a court ruling to extend its rehabilitation proceedings. Yonhap
A total of 77.8 billion won ($55 million) in government funds has been provided to workers of financially troubled discount store chain Homeplus Co. over the past five months, the finance ministry said Friday.
Some 35.9 billion won in unemployment benefits and state payments of unpaid wages was provided to Homeplus employees from March 3 through Wednesday, according to the Ministry of Finance and Economy.
They also received 41.9 billion won in government-backed loans to cover living expenses over the same period.
On top of that, 11.6 billion won was provided to local suppliers and partner companies through the Korea SMEs and Startups Agency and other related public corporations.
The banking sector also provided 30.9 billion won worth of loans to such businesses and extended the maturities of loans worth 5.4 trillion, the ministry added.
"We will keep a close eye on the operations of Homeplus and maintain supportive measures to help stabilize the livelihoods and businesses of employees and partner companies," a ministry official said.
Earlier this week, Homeplus resumed operations at all 67 of its outlets nationwide following a court decision last month to extend its rehabilitation proceedings.
The retailer, wholly owned by private equity firm MBK Partners, has been financially strained by a prolonged downturn in the discount store industry and entered court-led rehabilitation proceedings in March 2025.
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