South Korea's Homeplus, once the nation's second-largest retailer, is on the brink of collapse after 11 years under the ownership of MBK Partners. Critics blame the private equity firm's short-sighted management strategies for the chain's downfall, as competitors like E-Mart and Lotte Mart have adapted to the rise of e-commerce. The fate of Homeplus' 12,000 employees and 4,600 suppliers now hangs in the balance.