South Korean big-box retailer Homeplus Co. is facing a concern over the possibility of liquidation as it has not yet secured a potential buyer amid a looming deadline to submit its court-led restructuring plan.
According to retail industry sources on Tuesday, the Seoul Bankruptcy Court and sale manager Samil PricewaterhouseCoopers will accept letters of intent (LOIs) from potential buyers to acquire Homeplus until the end of October. The company must submit its rehabilitation plan by November 10, which means a buyer needs to be identified before then.
With no clear candidate emerging, uncertainty is mounting over both the submission of the plan and the…