Retail chain Homeplus is running out of time. The company has failed to find a new buyer during the court-led rehabilitation process that began in March last year. The Seoul Bankruptcy Court decided to terminate the rehabilitation proceedings after Homeplus failed to secure the 200 billion won ($130 million) in funding needed for its restructuring plan. In a July 3 press release, the court said that while Homeplus Express, the supermarket subsidiary, had been sold, the company's remaining businesses continued to operate without attracting a buyer through a merger or acquisition. As a result, revenue has continued to fall while debt has increased. The court cited Homeplus' deteriorating financial condition and lack of a viable recovery plan as the reasons for ending the rehabilitation process. To avoid bankruptcy, Homeplus — once the nation's second-largest hypermarket chain — has only one remaining option: It must secure 200 billion won and file an appeal within the next two weeks asking the court to overturn its decision. That, however, appears highly unlikely. Raising such a large