The head office of Home Plus in Seoul. The cash-strapped discount chain faces the risk of liquidation after the court ended its rehabilitation proceedings. Photo by Home Plus
July 3 (UPI) — South Korea’s Home Plus faces the risk of liquidation as the court halted the rehabilitation proceedings for the country’s troubled discount chain after overseeing the case for 16 months.
The court said Friday that it reached the decision because the restructuring plan of Home Plus lacks feasibility as the company’s business continued to deteriorate while it failed to find a new owner.
“In this climate, Home Plus requires at least $130 million in working capital to sustain its business and implement…