Hyundai Department Store Group to Advance Payment of 220 Billion KRW to Partners Ahead of Chuseok

Department Stores, Home Shopping, Green Food and 13 Affiliates Advance Payment of Over 8,800 Partner Companies' Settlement Funds
"We Hope to Support Cash Flow Management for Small and Medium-Sized Partners"

[Asia Economy Reporter Yuri Kim] Hyundai Department Store Group will advance the payment of settlement funds to small and medium-sized partner companies ahead of the Chuseok holiday. This is to help small and medium-sized partners who are struggling with recent interest rate hikes and rising prices manage their funds.

On the 15th, Hyundai Department Store Group announced that it will advance the payment of 220 billion KRW for August settlement funds to more than 8,800 small and medium-sized partner companies trading with group affiliates by up to 7 days earlier than the original payment date.

Hyundai Department Store Group will pay 220 billion KRW in settlement funds to small and medium-sized partners trading with 13 affiliates, including Hyundai Department Store, Hyundai Home Shopping, Hyundai Green Food, Handsome, Hyundai Livart, Hyundai Department Store Duty Free, Hyundai L&C, and Hyundai Rental Care, on September 6, before the Chuseok holiday, advancing the original payment date. The small and medium-sized partners benefiting from this include about 2,000 companies trading with Hyundai Department Store, totaling more than 8,800 small and medium-sized partner companies.

A Hyundai Department Store Group official said, "We decided to advance the payment of settlement funds to small and medium-sized partners who are expected to face difficulties in raising funds due to increased expenses such as employee bonuses ahead of the Chuseok holiday," adding, "We plan to continue growing together with our partners through various win-win systems."

Meanwhile, in addition to this early payment of settlement funds, Hyundai Department Store has been operating an interest-free loan system since 2014 to help small and medium-sized partners manage their funds. The amount to be paid this year is 6 billion KRW, with 3.5 billion KRW supported in the first half of this year and 2.5 billion KRW planned to be supported to small and medium-sized partners in the second half. Partners wishing to apply for interest-free loans can apply to the Hyundai Department Store Win-Win Growth Department by the 16th, and payments will be made collectively on September 13.