"Got Betrayed Overnight"... Homeplus Store Owners in 'Panic State' [Report]

Sales Proceeds Delayed Since January
Borrowing Money to Place Orders with Headquarters
Switching to External Card Terminals

"I feel so wronged to be blindsided overnight."

A coffee franchise owner in their 30s, operating inside a Homeplus store in Gyeonggi Province, has not received any payment for sales since January this year. Originally, the payment settlement date was set for the 4th, when Homeplus entered court receivership (corporate rehabilitation process), but payments were legally frozen. Since the 'Homerun Is Back' annual biggest discount event started on the 28th of last month, inventory has run out and orders should be placed with the franchisor, but due to unpaid sales proceeds, the owner even borrowed emergency funds from acquaintances and family. He expressed frustration, saying, "The discount event runs until next Wednesday, but I doubt whether I can keep the store open until then," and added, "The headquarters even told me to just close the store."

Inside a Homeplus store in Gyeonggi-do, in front of the checkout counter. People visited in numbers similar to usual due to the Homeplus discount event. (Photo by Jae-Hyun Park)

On the afternoon of the 6th, the Homeplus store was crowded with visitors. The large-scale event running until the 12th attracted continuous consumer traffic. However, both shoppers and store employees showed a noticeably unsettled atmosphere. Kim, who operates a food and beverage store, said, "Payments for sales have been delayed, causing my credit card to be overdue," and added, "Whether large or small amounts, I need to receive sales proceeds to pay for goods, management fees, part-time wages, and living expenses, but Homeplus's corporate rehabilitation is leading to overdue payments with my financial institutions." He also said, "Most of the tenants are small business owners, and this situation is causing them significant damage."

Earlier, Homeplus sent a notice to tenants on the 5th stating, "Sales from January 1 to February 11 must be discussed with the court, and sales from February 12 to February 28 will be paid around mid-March." They also informed that sales from the 5th onward would be deposited by the end of April. In reality, payments delayed since January are indefinitely postponed. The coffee franchise owner sighed, "If they had told me in advance, I could have borrowed money and somehow managed, but when I inquired on the 4th, the day they entered rehabilitation, they just said they were checking and gave no answer," and added, "The headquarters contacts me intermittently, but there is no certainty about when payments will be made, so I can only wait blindly."

A complaint submitted by a Homeplus franchise owner to the National Petition Service regarding 'non-payment of fees to tenant companies due to Homeplus corporate rehabilitation.' (Photo by a reader)

Some tenants were seen switching to external card terminals. Until now, payments were processed through Homeplus terminals and counted as Homeplus sales, with payments settled at the end of the following month, but with the possibility of not receiving sales proceeds, they installed external terminals separately.

Consumers are equally anxious. A woman in her 30s who visited the store that day said, "This is one of the largest stores nearby, so it's unfortunate to hear about the rehabilitation issue recently," and added, "I used to visit often because it's close to home, so it would be very inconvenient if it disappears." An employee of a tenant said, "A customer who visited the store yesterday asked when the store would close because they needed to use up their gift certificates," and added, "Many customers are worried because they don't know when the store will close, so it's really concerning."

However, many Homeplus employees calmly stayed at their posts. An employee at the fruit section said, "There are still quite a few people because the event is ongoing," and added, "Employees don't feel the seriousness much and believe it will be resolved well." Another Homeplus employee said, "So far, it hasn't affected store inventory," and added, "It's true that hearing the news is a bit worrying, but when I asked about the situation, the higher-ups said it's okay, so I try to believe that."