Homeplus delayed July wages and severance payments for departing employees on Sept. 8, one week after Seoul Bankruptcy Court approved its restructuring plan. The company said insufficient funds caused the delay and promised payment once financing was secured. The notice followed a 200 billion won ($149.2 million) emergency debtor-in-possession financing package from Meritz Financial Group, which helped Homeplus resume operations at 67 temporarily closed stores on Aug. 13. Three days later, the company upgraded five headquarters divisions, reduced its regional headquarters from eight to six and promoted six employees in a move affecting 36 people. The reshuffle has drawn criticism from employees facing delayed compensation, while Homeplus says it was needed to fill vacancies and consolidate operations. The approved plan includes a corporate split designed to separate viable operations from restructuring liabilities before a potential sale. Homeplus must first sell 19 company-owned store properties, targeting 1.4192 trillion won ($1.1 billion) by February 2028, with proceeds earmarked to repay senior secured trust bonds held by Meritz. The outcome of that sale will influence the company’s ability to execute debt repayments through 2037 and pursue M&A, although potential buyers including Naver, Harim and AliExpress have reportedly shown reluctance.