[26.05.07] Harim Acquires ‘Homeplus Express’

Homeplus Sells Express Unit to Harim Group, Secures 120 Billion Won

📍NS Shopping Signs Final Deal During Corporate Rehabilitation Process as Liquidity and Retail Synergy Gain Attention

Homeplus, currently undergoing corporate rehabilitation proceedings, has moved to secure approximately 120.6 billion won in cash by selling its supermarket division, Homeplus Express, to NS Shopping. The deal is expected to become a major turning point in the retailer’s efforts to stabilize operations amid ongoing liquidity concerns. 

NS Shopping, an affiliate of Harim Group, will gain access to a nationwide offline retail network through the acquisition. Industry observers believe the transaction could generate significant synergy by combining Harim’s food manufacturing business with Homeplus Express’ physical store infrastructure.

🔹 Final Agreement Signed for Homeplus Express Sale

According to the retail industry on May 7, Homeplus signed a final agreement with NS Shopping to transfer the business rights of Homeplus Express. The transaction was approved by the Seoul Bankruptcy Court.

Homeplus Express operates around 290 stores nationwide and is considered the third-largest player in South Korea’s super supermarket (SSM) sector.

The division reportedly holds total assets of approximately 317 billion won and net assets of around 146 billion won. Under the agreement, Homeplus will secure about 120.6 billion won in actual cash proceeds after part of the debt obligations are assumed by the buyer.

Although earlier market expectations suggested the sale price could approach 300 billion won, the finalized amount fell below that level. Nevertheless, industry analysts say the deal itself carries significance because it provides urgently needed liquidity during the rehabilitation process.

🔹 Emergency Funding Needed During Rehabilitation

Homeplus is currently under pressure to secure operating funds while continuing rehabilitation proceedings. The proceeds from the sale are expected to be used primarily for overdue employee wages and payments to suppliers.

However, the funds will not be injected immediately. Industry sources expect the final payment and settlement process to take roughly two months.

As a result, Homeplus has reportedly requested emergency financial support from its largest creditor, Meritz Financial Group. 

In an official statement, Homeplus described the sale as “a highly meaningful step toward normalization,” while also acknowledging that additional liquidity will still be required until the sale proceeds are fully received.

The Seoul Bankruptcy Court has already extended the deadline for approval of Homeplus’ rehabilitation plan. Industry watchers are now focusing on whether the company will move forward with broader restructuring efforts, including the potential sale of the main business itself.

🔹 Harim Group Expands Into Offline Retail

For NS Shopping, the acquisition marks a return to offline retail operations for the first time in about a decade. The company previously operated the SSM chain “NS Mart” before withdrawing from the business in the mid-2010s.

Harim Group currently focuses on food-related businesses including poultry, processed foods, ramen, and home meal replacement products. By acquiring Homeplus Express’ nationwide store network, the group is expected to strengthen vertical integration across manufacturing, distribution, and retail sales.

Industry analysts say the move reflects Harim’s broader strategy to evolve from a food manufacturing company into a comprehensive retail platform operator.

NS Shopping stated that the acquisition would serve as “an important opportunity to strengthen competitiveness across both online and offline channels” based on the company’s food expertise and distribution capabilities.

🔹 Possible Turning Point for Korea’s Retail Industry

The transaction is being viewed as more than a simple asset sale. Industry experts say it reflects broader restructuring trends in South Korea’s retail sector as offline retail assets regain strategic importance amid slowing hypermarket growth and intensifying online competition.

The fact that a food manufacturing-based company is directly securing retail distribution channels has also drawn attention within the industry. By controlling its own sales network, Harim may improve pricing competitiveness and supply efficiency simultaneously.

Meanwhile, Homeplus entered rehabilitation proceedings last year after prolonged financial pressure and declining performance under MBK Partners ownership. Market observers believe additional asset restructuring and the search for new investors will become critical factors in determining the retailer’s long-term recovery.

One-line summary : Homeplus has secured liquidity for its rehabilitation process by selling Homeplus Express to Harim Group affiliate NS Shopping.