Seoul: MBK Partners Ltd. announced its decision to infuse an additional 200 billion won (US$143 million) into the financially challenged discount store chain Homeplus Co. This move aims to accelerate the recovery of the retailer, which has been struggling in recent times.
According to Yonhap News Agency, MBK Partners stated that the funds would be sourced from profits generated by their assets under management. This recent investment marks the second financial intervention by MBK, increasing the total capital support extended to Homeplus to 500 billion won.
In 2015, MBK Partners acquired Homeplus from the British retailer Tesco Plc, purchasing a 100 percent stake for 7.2 trillion won. Despite this significant investment, Homeplus faced financial difficulties due to a downturn in the discount store sector, leading to its entry into court-led rehabilitation proceedings in March.