Emart, Shinsegae Department Store, and SSG.com to Advance Payment for Partner Suppliers

[Asia Economy Reporter Lim Chunhan] Emart, Shinsegae Department Store, and SSG.com announced on the 17th that they will advance payment of approximately 220 billion KRW in delivery payments to small and medium-sized partner companies ahead of the Lunar New Year.

The payments to be advanced this time are for settlements originally scheduled on the 28th of this month and the 10th and 15th of next month, and will be paid by the 27th of this month, up to 19 days earlier, before the Lunar New Year holiday. The amounts are 110 billion KRW from Emart, 50 billion KRW from Shinsegae Department Store, and 62 billion KRW from SSG.com.

An Emart official stated, “Considering that partner companies have significant cash needs during holidays for bonuses, wages, and raw material payments, we have long implemented early payment of product payments before holidays to promote mutual growth with small and medium-sized partner companies. Since 2008, we have paid 100% of delivery payments to small and medium-sized partner companies in cash to support their smooth financing,” he said.