MBK Seeks Buyer for Struggling Korean Retail Chain Homeplus (1)

South Korea’s troubled retail chain Homeplus Co. opened itself up to a takeover as its private equity owners seek to avoid the firm’s liquidation.

MBK Partners Ltd. is seeking to find a buyer for Homeplus after a recent review showed the company’s liquidation value exceeds its going-concern value, according to an MBK Partners statement Friday.

If a transaction succeeds and an owner is found before finalizing Homeplus’s rehabilitation process announced in March, MBK Partners will cancel 2.5 trillion won ($1.8 billion) worth of Homeplus common shares it holds without compensation, the statement said.

A food market inside a Homeplus Co. store in Incheon, South Korea.

Photographer: SeongJoon Cho/Bloomberg

The planned divestment marks a dramatic ...