 |
Photo: Homeplus [Headquarters/Store] (Courtesy of Homeplus) |
[Alpha Biz= Paul Lee] Seoul, South Korea – Homeplus, currently under court receivership, has failed to pay electricity and water bills for August, raising concerns about the retailer’s worsening liquidity.
Industry sources said on September 10 that Homeplus did not settle utility charges billed in September for all of its hypermarket branches. Korea Electric Power Corporation (KEPCO) has since requested security deposits from more than 10 Homeplus stores, while prolonged non-payment of water bills could lead to forced supply cuts.
Although utility fees are classified as priority claims and can be paid without court approval during restructuring, Homeplus has opted to defer payment. According to filings submitted to the Financial Supervisory Service, the company spent KRW 112.8 billion on taxes and public utility fees in 2023, and KRW 114.9 billion in 2024.
Analysts view the delay as a cash preservation measure amid tight liquidity. Recently, some major suppliers have also demanded advance deposits and shortened settlement periods, underscoring the strain on Homeplus’ financial position.
Alphabiz Reporter Paul Lee(hoondork1977@alphabiz.co.kr)
