Homeplus has reached agreements to adjust rent and lease terms for 41 out of its 68 leased stores, easing pressure from potential closures amid an ongoing court-led restructuring, the company announced on Thursday.

The retailer, which owns 58 of its 126 stores, has been negotiating rent reductions since filing for court receivership on March 4th, 2025, citing unsustainable rental costs as a major hurdle to normalization. Excluding seven locations already slated for closure or operated by local governments, 61 stores were subject to lease renegotiation.

Homeplus must respond to landlords on the implementation of the agreements by May 31st, with the company saying that reaching deals at two-thirds of its leased locations has significantly boosted the prospects of successful rehabilitation. Negotiations remain for 27 stores, with 17 of those already served termination notices.

The company also plans to notify the remaining 10 stores of contract terminations pending court approval.

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