A store run by Mega MGC Coffee, which reportedly bid for Home Plus Express. Photo by MGC Global
SEOUL, April 1 (UPI) — South Korean discount chain Home Plus said Tuesday that a court has begun to review the sale of its neighborhood grocery store chain, Home Plus Express.
Home Plus, which is under receivership, said the court started the procedure of selecting a preferred bidder after receiving reports from its sales adviser, Samil PricewaterhouseCoopers.
“Prior to the March 31 deadline, multiple companies were confirmed to have participated in the bidding process to acquire Home Plus Express,” the firm said in a statement.
Home Plus did not disclose further details, including the number of bidders and their identities.
However, Mega MGC Coffee has reportedly presented a bid for Home Plus Express. The budget coffee chain, which is owned by MGC Global, operates nearly 4,000 stores across South Korea.
Both MGC Global and Home Plus declined to confirm the reports.
Following unsuccessful attempts to sell Home Plus as a single entity, the divestment of Home Plus Express has emerged as a key pillar of its rehabilitation plan. The unit generated $730 million in revenue in 2024.
The Express division has a network of almost 300 stores and most of them are located in high-density urban areas. Home Plus also runs more than 100 large-format outlets.
In 2015, South Korea’s leading private equity fund, MBK Partners, purchased Home Plus from Tesco in a landmark $5 billion deal. In recent years, the retailer has struggled amid pandemic-related disruptions and the rise of e-commerce giants.
Since early last year, MBK Partners has tried to dispose of Home Plus to little avail. As a result, the company has shifted its focus to the sale of Home Plus Express.