Hyundai Department Store Group to Advance Payment of 300 Billion KRW to Small and Medium Partners for Lunar New Year

Payment to over 12,000 Partners
12 Affiliates, Up to 9 Days Early Before Seollal Holiday

Hyundai Department Store Group will advance payment settlements to ease the financial burden on small and medium-sized partner companies facing difficulties due to high inflation and high interest rates ahead of the Lunar New Year holiday.

Hyundai Department Store Group CI. [Image provided by Hyundai Department Store]

On the 16th, Hyundai Department Store Group announced that it will pay 302.2 billion KRW in settlement payments to about 12,000 small and medium-sized partner companies trading with group affiliates up to 9 days earlier than the original payment date, on the 6th of next month before the Lunar New Year holiday.

The small and medium-sized partner companies receiving early payment this time include about 5,000 companies trading with Hyundai Department Store, as well as about 7,000 companies trading with 12 affiliates such as Hyundai Home Shopping, Hyundai Green Food, Handsome, Hyundai Livart, Hyundai Department Store Duty Free, Hyundai L&C, and Hyundai Easywell, totaling approximately 12,000 small and medium-sized partner companies.

A Hyundai Department Store Group official said, "We hope this will help reduce the financial burden of small and medium-sized partner companies expected to face difficulties in raising funds due to increased expenses ahead of the Lunar New Year holiday," adding, "We plan to continue promoting various support programs for win-win cooperation with small and medium-sized partner companies."

Meanwhile, Hyundai Department Store has been operating an interest-free loan system since 2014 to assist small and medium-sized partner companies in managing their funds.

Hyundai Department Store New Headquarters Building Exterior. [Photo by Hyundai Department Store]