Analysis of Last Year’s Homeplus Audit Report
Annual Interest Expenses Reach 570 Billion Won, Deficit Exceeds 1 Trillion Won
Disclaimer of Audit Opinion for Two Consecutive Years, Liquidation Becomes More Likely
It has been confirmed that Homeplus is on the brink of bankruptcy. After entering court receivership (corporate rehabilitation proceedings) last year and undergoing a year-long restructuring, its business operations have significantly contracted, leading to an even larger deficit. The company’s cash flow crisis has worsened to the point where it cannot cover its interest payments. Last month, Homeplus sold its profitable supermarket (SSM) division to Harim Group, but only secured 12 billion won in…