Homeplus' full-company sale at risk of falling through... Is a breakup sale on the horizon amid weak sales?

[Financial News] As Homeplus continues to post weak results, there is speculation that it may move toward a breakup sale rather than sell the business as a whole.
According to retail industry sources on the 11th, if Homeplus ultimately fails to find a buyer amid sluggish sales, it is expected to move toward a breakup sale.
Homeplus is currently pursuing an M&A deal to transfer its headquarters and mart business, including 67 company-owned hypermarket stores, through a business transfer. It plans to find a prospective buyer by the end of this month, but no suitable buyer has emerged so far.
Moreover, Homeplus's sales early this month reportedly reached only 30% of its target. Major tenants such as Olive Young and Daiso are also gradually pulling out of its stores, leading to a continued decline in Homeplus's ability to attract customers. As its financial difficulties deepen, the company has begun accepting applications for voluntary retirement without incentive payments, on the condition that it pay overdue wages, Chuseok bonuses and severance pay in full.
Industry sources expect that if no prospective buyer emerges, Homeplus may split off commercially viable stores and transfer them to other retailers, or separately dispose of assets with high real estate value, such as those suitable for development or leasing.
However, if sales centered on individual stores gather momentum, employment insecurity, including mass layoffs, could become a major flashpoint. As of last September, Homeplus had 9,121 employees, based on National Pension Service subscriber records.
The Homeplus branch of the Mart Workers' Union issued a statement on the matter, saying, "We will honor our commitment to cooperate in bringing the M&A to a successful conclusion," and urged that "the government should step in directly to find a buyer."
[email protected] Park Gyeong-ho Reporter