The banners still read, “We are open as usual.” But beyond the entrance, the reality is strikingly different.Where shopping carts would normally rattle across the floor and checkout counters buzz with customers, the store sits eerily still — as if time has stopped.Just steps away, at Homeplus’ culture center, staff spend the day making one phone call after another.“Hello, you heard we’re closed today, right?” one employee says, explaining that the day’s classes can no longer be held.With stores temporarily shut nearly 30 years after Homeplus opened its first store in 1997, everyday routines — from attending classes at the culture center to family grocery runs — have been brought to a halt, leaving employees, suppliers and customers wondering whether the doors will ever reopen. A notice announcing the temporary closure of Homeplus is posted at the entrance of the Homeplus Hapjeong branch in Seoul on Monday. (Tammy Park/The Korea Herald) So, how did one of South Korea’s largest hypermarket chains end up here?The crisis has been years in the making.Homeplus, like many other hypermarkets, struggled as consumers increasingly shifted to online grocery platforms and rapid delivery services. But unlike its rivals, the retailer was also burdened by mounting financial pressure, eventually entering court-led rehabilitation in March 2025.Earlier this month, the Seoul Bankruptcy Court terminated the rehabilitation proceedings after Homeplus failed to secure the 200 billion won ($134 million) needed for its restructuring plan.On Sunday, Homeplus announced the temporary suspension of operations at its headquarters and 67 hypermarkets. It had exhausted funds needed to pay suppliers and maintain day-to-day operations.Homeplus is seeking an emergency 200 billion won loan from its largest creditor, Meritz Financial Group, while also preparing an immediate appeal against the court’s decision. A store guide map showing Homeplus branches across Korea is displayed inside Homeplus Hapjeong Branch. (Tammy Park/The Korea Herald) What happens next?The date to watch is July 20.By then, Homeplus must secure a viable funding plan and file its appeal if it hopes to revive the rehabilitation process. The company says it will decide whether stores can reopen after assessing its financing situation and the court proceedings by that date.If it succeeds in obtaining fresh capital and the rehabilitation process is reinstated, Homeplus could have another chance to restructure.If not, the retailer is expected to move closer to liquidation, with its assets potentially sold to repay creditors and the future of thousands of employees, suppliers and partner businesses thrown into further uncertainty. The once-busy Homeplus Hapjeong branch, located inside an apartment complex, now stands completely dark, drawing repeated glances from people passing by. (Tammy Park/The Korea Herald)