Homeplus has agreed to sell its supermarket business division, Homeplus Express, to NS Home Shopping in a deal aimed at securing urgently needed liquidity as the retailer continues its corporate rehabilitation process. The agreement, finalized on May 7 following approval from the Seoul Rehabilitation Court, will provide Homeplus with 120.6 billion won in cash while NS Home Shopping assumes part of the division’s outstanding debt.
The transaction represents one of the most significant restructuring steps taken by Homeplus since the retailer entered rehabilitation proceedings earlier this year. According to the companies involved, Homeplus Express currently holds total assets worth approximately 317 billion won and net assets of around 146 billion won. However, despite the sale being finalized, Homeplus said it could take nearly two months before the funds are fully transferred, creating additional pressure on the company’s short-term liquidity position.
Homeplus stated that while the deal marks meaningful progress toward stabilizing operations, the company still requires additional funding to maintain normal business activities during the transition period. The retailer has reportedly requested emergency operational financing support from its largest creditor, Meritz Financial Group, as it continues efforts to avoid further disruption.
NS Home Shopping, an affiliate of Harim Group, said the acquisition would strengthen its competitiveness across both online and offline retail channels. The company, which specializes in food-focused home shopping operations, previously operated the NS Mart supermarket business before selling it to E-Mart in 2012. The acquisition effectively marks the company’s return to the supermarket sector after more than a decade away.
Industry analysts expect the deal to create potential synergies for Harim Group, which operates extensive food production and distribution businesses spanning poultry, processed foods, frozen products, and logistics. By integrating Homeplus Express into its broader distribution network, NS Home Shopping is expected to expand its direct retail footprint while strengthening supply chain efficiency.
The sale also adds another chapter to the ongoing challenges surrounding MBK Partners, the private equity firm that controls Homeplus. MBK Partners has been under increasing scrutiny in recent months over its handling of several major investments across South Korea and Japan. Critics have pointed to issues involving Lotte Card, where regulatory concerns and operational instability have raised questions about the firm’s management approach. The firm has also faced controversy in Japan over its proposed acquisition involving Makino Milling Machine Co., where national security and industrial competitiveness concerns reportedly drew heightened attention from Japanese authorities.
As part of its broader restructuring strategy, MBK Partners is expected to continue pursuing asset sales tied to Homeplus in an effort to secure operating funds and eventually attract a new buyer for the retailer’s core business. The Seoul Rehabilitation Court recently extended the deadline for approval of Homeplus’s rehabilitation plan until July 3, giving the company additional time to finalize restructuring measures and stabilize operations.
While the sale of Homeplus Express may provide temporary financial relief, questions remain about whether the retailer can fully recover amid mounting debt obligations, weakening consumer sentiment, and growing public criticism surrounding MBK Partners’ broader investment track record.