The Democratic Party of Korea held a meeting with MBK Partners, the largest shareholder of Homeplus, and Meritz Financial Group, the retailer's major creditor, pressing them to "secure emergency operating funds" to rescue the retailer from the brink of bankruptcy.
"The deadline (for securing funds) expires on the 20th, and if no solution is found by then, the livelihoods of some 13,000 workers, including vendors, and as many as 100,000 people in local commercial districts who have depended on Homeplus will collapse," said Rep. Min Byung-duk of the Democratic Party.
Min urged Meritz and MBK to provide 200 billion won in operating funds. Homeplus faces inevitable bankruptcy if it fails to raise 200 billion won in operating funds by the 17th of this month. "It is not a small amount, but considering the profits earned through Homeplus over the years and the social trust that would be lost, it is not beyond what Meritz and MBK can bear," Min said. "Please fulfill the social responsibility that you rightfully bear as creditors and investors."
Kim Kwang-il, Vice Chairman of MBK Partners, who attended the meeting, said, "Many people are enduring hardship because of the Homeplus situation. I sincerely apologize." Kim Jung-hyun, CEO of Meritz Fire & Marine Insurance, said, "I hope a practical solution emerges. We will also do our best."
Cho Ju-yeon, CEO of Homeplus, said, "I am sorry for the difficulties we have caused many people during the rehabilitation period. Our company employs more than 10,000 workers, along with partner company employees and many others. Please do not forget them and continue to support us."
