Hyundai Department Store Group to Advance Payment of 213.3 Billion KRW to Small and Medium Partners Ahead of Chuseok

Department Stores, Home Shopping, Green Food, and 13 Affiliates
Early Payment of Settlement Amounts to Over 9,500 Partner Companies

Hyundai Department Store Group will advance the payment of settlement funds to its small and medium-sized partner companies ahead of the Chuseok holiday. This is to ease the financial burden on partner companies struggling with fund management amid the economic downturn, high interest rates, and high inflation.

On the 20th, Hyundai Department Store Group announced that it will pay 213.3 billion KRW in settlement funds to small and medium-sized partner companies trading with group affiliates up to 10 days earlier than the original payment date, by the 10th of next month, before the Chuseok holiday.

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

The small and medium-sized partner companies receiving early payments this time include about 2,600 companies trading with Hyundai Department Store, as well as about 6,900 companies trading with 13 affiliates such as Hyundai Home Shopping, Hyundai Green Food, Handsome, Hyundai Livart, and Hyundai L&C, totaling approximately 9,500 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 partner companies expected to face difficulties in securing funds due to increased expenses such as employee bonuses ahead of the Chuseok holiday," adding, "We plan to establish various support programs for mutual growth with small and medium-sized partner companies going forward."

Meanwhile, Hyundai Department Store Group operates systems to assist smooth fund management for small and medium-sized partner companies. Since 2014, Hyundai Department Store has been operating an interest-free loan program worth 6 billion KRW annually for small and medium-sized partner companies, and since 2013, Hyundai Home Shopping has been providing free financial support for product or technology development to small and medium-sized enterprises.