▲ This undated file photo shows a Homeplus store. (Yonhap)

court-Homeplus

Court scraps rehabilitation proceedings for Homeplus

SEOUL, July 3 (Yonhap) -- A court decided Friday to terminate rehabilitation proceedings for troubled discount store chain Homeplus Co., in a move that will likely lead to the company's bankruptcy.

The Seoul Bankruptcy Court made the decision after Homeplus submitted a revised rehabilitation plan on June 30.

Under the plan, the company pledged to reorganize its business but did not specify how it would come up with necessary funds of at least 200 billion won (US$130 million).

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