Latest news with #HomePlus
Miami Herald
19-05-2025
- Business
- Miami Herald
Top Asian private equity fund chief hit with foreign travel ban: reports
SEOUL, May 19 (UPI) -- South Korean prosecutors have reportedly banned MBK Partners Chairman Michael Byungju Kim from leaving the country as part of an investigation into the so-called Home Plus bond scandal. MBK is one of Asia's top private equity funds, and Home Plus is South Korea's No. 2 discount chain. Multiple local media outlets reported Monday that the Seoul Central District Prosecutors' Office requested the U.S. Ministry of Justice to impose a foreign travel ban on Kim and obtained approval. He is a U.S. citizen. The measure follows an earlier move by the prosecution Saturday when Kim returned to Seoul from London. Authorities executed a search and seizure warrant upon his arrival in Korea, confiscating his mobile phone and other digital devices as evidence, according to reports. Observers expect that Kim will be summoned along with his close aides for formal questioning in the near future. "In South Korea, the seizure of mobile phones and a travel ban typically means that a summons is imminent. Kim is highly likely to meet prosecutors face-to-face soon," business tracker Leaders Index CEO Park Ju-gun told UPI. "If top executives of Home Plus or MBK Partners decided to issue bonds while having prior knowledge of a credit cut, they might be in legal trouble," he added. The ongoing probe centers around allegations that executives from Home Plus and its parent firm MBK issued a large volume of bonds Feb. 25 while already aware of an impending downgrade in Home Plus's credit rating, which occurred Feb. 28. Issuing bonds while knowing a credit downgrade could constitute fraud against investors. Home Plus has denied the allegations, but the Financial Supervisory Service countered that the financial regulator secured concrete evidence to the contrary. In addition to the prosecution's investigation, the FSS announced last March that it would look into MBK. The results of that inquiry are also expected in the near future. MBK acquired Home Plus in 2015 from Tesco for $5.1 billion. However, the chain, which runs hundreds of stores across the country, has suffered losses since 2021 due to the impact on business of COVID-19 and rising competition from online retailers. Comments from MBK were not available. Copyright 2025 UPI News Corporation. All Rights Reserved.
Yahoo
26-04-2025
- Business
- Yahoo
Santa Fe Place mall plans to add sporting goods store by end of year
Santa Fe Place mall is getting a major new tenant, as Dunham's Sports, a large Michigan-based sporting goods company, is expected to open by the end of the year. Mall General Manager Antonio Chavez said the retailer will be moving into the space formerly occupied by Conn's HomePlus, as well as an adjoining space. The two spaces combined will provide Dunham's Sports with nearly 60,000 square feet of space, making it one of the largest mall tenants. 'We're very excited to have Dunham's Sports in Santa Fe,' Chavez said, adding the retailer will give residents another reason to shop locally instead of driving to Albuquerque. 'It's good competition, and it helps the mall to keep growing." According to its website, Dunham's Sports operates more than 250 stores in 25 states and bills itself as the largest sporting goods chain in the Midwest. The company's online store locator does not list any other locations in New Mexico. Attempts to reach company officials were unsuccessful. Dunham's Sports offers a full line of sporting goods as well as apparel, outdoors equipment, electronics, bedding and footwear. It also offers a large selection of firearms. While Santa Fe has lost a handful of national retailers in recent months — including Big Lots, Party City and Joann, as each of those companies downsized significantly or ceased operations — Dunham's Sports will be the second such business the city has attracted in that time. Daiso, a Japanese value retailer that operates 6,000 stores worldwide and 150 in the U.S., opened in the Plaza Santa Fe shopping center on Zafarano Drive in January.
Yahoo
14-03-2025
- Business
- Yahoo
Thinking of switching to Verizon's 5G home internet? It's now a little less tempting
Verizon has increased the discount price of its 5G Home Plus internet service without actually raising its base price, making the offer less enticing for some new customers looking to switch internet service providers. According to a post on Reddit (via Android Authority), the major cellular carrier reduced the discount price of its 5G Home Plus internet plan from $35 to $25. This means that new customers will have to pay $55 a month if they switch to Verizon. That's a $10 increase from the $45 monthly rate that pre-existing customers are paying for the Home Plus plan. However, the regular price of Verizon's 5G Home Plus remains the same at $80 a month. The one thing that makes the new discount price worth it for new customers is that they get a free subscription perk of their choice via Verizon billing, as a couple of commenters have pointed out. This means new customers can choose between Netflix and Max bundle, Apple Music, or the Disney+ bundle. Each subscription service is about a $10 value. The discount change comes one month after Verizon outlined an $8 increase on Mobile Protect plans for customers using four lines or more, meaning they will pay $68 a month for their phone insurance instead of $60. That price change goes into effect on March 27. A $10 increase in discount price of Verizon's 5G Home Plus internet service may not seem like much on the surface, especially because of the free subscription perk that comes with it, but in reality it decreases the value of the service. It devalues it even more when the company charges more for it without saying so in the first place.
