A notice announcing a temporary closure is posted at a Homeplus store in Seoul, Monday. Yonhap
Once Korea’s second-largest discount store operator, Homeplus decided to temporarily close stores beginning Monday after running out of cash, leaving it unable to pay suppliers or even cover basic operating expenses.
The retailer now faces an uncertain future after the Seoul Bankruptcy Court terminated its rehabilitation proceedings earlier this month. Without an immediate 200 billion won ($133 million) cash injection, industry observers say it is effectively on the path toward liquidation unless a last-minute rescue materializes.
Why 200 billion won?
So why has 200 billion won become the figure that could determine Homeplus’ fate?
The number…