[Exclusive] "Don't Know When It Will Close"... Homeplus Consumers Rush for Refunds Over Potential Losses

Inventory Shortages and Supply Suspensions Hit Stores
Delivery Delays for Refrigerators and IT Devices
Rising Number of Purchase Contract Cancellations

Recently, consumer A, who purchased a refrigerator at a Homeplus store in Seoul, canceled the contract after hearing the news on the 4th that Homeplus had entered corporate rehabilitation proceedings. A said, "I was planning to replace my old refrigerator that I had used for 10 years during the discount event period, but after hearing that the delivery would be delayed, I decided to cancel," adding, "I plan to look into purchasing from other stores or online."

According to the industry on the 7th, following the impact of Homeplus's rehabilitation proceedings, major manufacturers have stopped supplying products, and there is a growing demand for returning or refunding purchased goods. An industry insider said, "For large-value appliances, manufacturers have notified Homeplus that they will not send products unless payment is made in advance," adding, "Although Homeplus currently has inventory, if they cannot secure additional stock, even if consumers sign contracts at each store, it will take a long time to receive the products, leading to a surge in cancellations."

In fact, LG Electronics temporarily suspended deliveries to Homeplus the day before, and Samsung Electronics is discussing with Homeplus about delivering products depending on payment status. On online communities, posts certifying that customers received notifications of delays in receiving IT devices such as mobile phones and tablets contracted at Homeplus are spreading.

Tenants operating in Homeplus stores are also suffering from refund requests due to the rehabilitation proceedings. At a Homeplus store in Gyeonggi Province, a hair salon saw cancellations of about 5 to 6 million KRW in regular passes, which account for approximately 45 million KRW of sales, over two days following the announcement of the rehabilitation proceedings. Store owner B said, "Since the incident, I have received more than 20 calls requesting cancellations of regular passes," adding, "Even when I reassure customers that we are operating normally, they feel anxious, saying they don't know when the store might close."

Homeplus stated that while repayment of financial bonds worth about 2 trillion KRW will be deferred due to the rehabilitation proceedings, all commercial claims such as payments to partners and tenants will be settled. A Homeplus official emphasized, "As of the 6th, the available cash balance is 309 billion KRW, and net cash inflow from operations in March alone is expected to be about 300 billion KRW, so total available funds will exceed 600 billion KRW," adding, "There is absolutely no problem in paying general commercial claims."

However, cases of delayed payment settlements or inability to secure stock are continuing on the ground, raising concerns that stabilizing the situation will not be easy. An industry insider pointed out, "Rehabilitation proceedings reveal that the company's situation is very poor, so for a company whose main business is consumer goods sales, the impact will inevitably be greater due to partner defections and customer decline."