A group of Homeplus employees has continued a hunger strike in Seoul for nearly three weeks, underscoring growing concerns over the future of South Korea’s second-largest hypermarket chain as its corporate rehabilitation process approaches a critical deadline.
The protest, which began in mid-May, was launched by members of the Homeplus labor union who are demanding a faster resolution to the retailer’s ongoing financial crisis. According to union representatives, the number of participants has steadily declined as several workers have been forced to seek medical treatment due to deteriorating health conditions.
Homeplus has faced mounting financial pressure for years. After being acquired by MBK Partners in a $5 billion transaction in 2015, the retailer struggled to adapt to rapidly changing consumer habits, including the expansion of e-commerce platforms and the long-term effects of the COVID-19 pandemic on retail operations.
The company entered court-supervised rehabilitation proceedings in early 2025 after efforts to stabilize its finances proved unsuccessful. With the rehabilitation process expected to conclude within the coming months, employees fear that failure to secure a viable restructuring plan could result in liquidation.
Workers say the uncertainty is already taking a toll. Many employees reportedly experienced delayed or reduced wage payments, while thousands have left the company over the past year amid concerns about job security. Union leaders warn that a collapse of Homeplus would impact not only its workforce but also tens of thousands of employees working for suppliers and partner businesses connected to the retailer’s operations.
The union is calling for greater government involvement in the restructuring process and has proposed that United Asset Management (UAMCO), a restructuring specialist with public-sector backing, take a leading role in managing the company’s turnaround efforts and eventual sale.
Labor representatives argue that Homeplus’ current situation highlights the risks associated with highly leveraged private equity ownership of major employers. They maintain that stronger intervention is needed to protect workers and preserve the company’s operations before time runs out.
As the rehabilitation deadline draws closer, the hunger strike has become a symbol of growing anxiety among employees who are seeking clarity about their future and the future of one of South Korea’s most recognizable retail brands.