Homeplus to Split December Salaries for Employees... "Financial Situation at Its Limit"

Partial Payment on December 19,
Remaining Salary to Be Paid on December 24

Homeplus announced on December 16 that it will split the payment of this month's salaries for its employees.

Yonhap News Agency

According to Homeplus management on this day, a notice titled "A Message to All Employees" stated, "We are in a situation where we have no choice but to split the December salary payment. To minimize inconvenience for employees, a portion of the salary will be paid first on the regular payday, December 19, and the remainder will be paid on December 24."

The management explained, "Although we have done our utmost to ensure that salaries are paid normally, even in a situation where our financial position has deteriorated to the point that various taxes and utility bills cannot be paid properly, the company's cash flow has now reached its limit due to continued delays in the sale of the company and the lack of progress in restoring trading terms and supply volumes."

The management further stated, "We deeply regret having to deliver this message, fully understanding how important salaries are to our employees," and asked, "At this point, please understand that splitting the salary payment is the only way to prevent a business suspension caused by an inability to pay and to continue the company's recovery."