(Yonhap)
South Korean discount store chain Homeplus Co., currently undergoing corporate rehabilitation proceedings, ended applications for its voluntary retirement program for employees in the Homeplus Express division just one day after launch due to overwhelming demand.
According to sources from the retail industry on Tuesday, Homeplus notified employees in its super supermarket (SSM) business, Homeplus Express, that applications for the voluntary retirement program would close early.
“As a large number of employees have applied, we have decided to end applications for the voluntary retirement program early,” the company said. “Confirmation and further guidance for each properly submitted applicant will be provided individually.”
Homeplus had announced the voluntary retirement plan for employees in the Express division on Monday, with plans to accept applications until May 20.
However, as the number of applicants surged beyond expectations, the company closed the process on Tuesday, just one day after it began.
Employees eligible for voluntary retirement will receive additional compensation based on their years of service, on top of legally mandated severance pay.
Industry observers believe that more employees opted for early resignation amid growing uncertainty driven by Homeplus’ recent large-scale store efficiency measures.
Homeplus is currently pushing ahead with restructuring not only in its Express division but also in its hypermarket sector.
On May 8, the company announced plans to temporarily suspend operations at 37 of its 104 hypermarket locations – stores considered to have low profitability and contribution levels – between May 10 and July 3.
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