A man rides a bike past a Homeplus store in Seoul, Thursday. Yonhap
A court decided Friday to terminate rehabilitation proceedings for troubled discount store chain Homeplus, pushing the company closer to shuttering its doors as it struggles to find a buyer.
The Seoul Bankruptcy Court rejected Homeplus' revised rehabilitation plan submitted earlier this week, noting the company failed to come up with the necessary funds of at least 200 billion won ($130 million) to carry out the plan.
The retailer, wholly owned by private equity firm MBK Partners, has become financially strapped due to a slump in the discount store industry and entered court-led rehabilitation proceedings in March last year.
Homeplus had submitted an initial rehabilitation plan in December before handing its revised plan to the court on Tuesday.
