KT and LG Uplus Support Dealerships Affected by COVID-19

[Asia Economy Reporter Seulgina Jo] KT and LG Uplus have stepped up to provide financial support to agency stores struggling due to the novel coronavirus infection (COVID-19).

KT announced on the 1st that it will reduce the monthly rent of more than 2,500 stores nationwide by 50% in the Daegu and Gyeongbuk regions and by 30% in other regions throughout February. In addition, they plan to extend the credit period for agency bonds twice and strengthen win-win support measures.

The total amount of rent and policy support provided this time is about 5 billion KRW, combined with the support implemented since early February. Along with this, disinfection supplies will continue to be provided to ensure the safety of customers visiting the stores. The disinfection supplies consist of disinfection kits including sprays and sterilizing disinfectants usable for more than a month, as well as masks and hand sanitizers.

KT stated, "We have prepared practical measures to help agency stores across all regions to coexist with the distribution network suffering from COVID-19 and to overcome the crisis together." They added, "We will also strengthen the provision of disinfection supplies within stores to do our best to protect the safety of visiting customers and distribution network workers."

LG Uplus also urgently provided 2.5 billion KRW in store operating funds in February to support about 2,000 agency stores nationwide.

LG Uplus agency stores nationwide number about 2,000, including 100 in the Daegu and Gyeongbuk regions. The support funds will be used to reduce the burden of costs such as labor and rent incurred during store operations. The company explained that they decided to provide operating funds to overcome the difficulties in the field caused by the spread of COVID-19 together.

An LG Uplus official said, "We decided to support store operating funds in February to help agencies facing difficulties," and added, "We will continue to consider the best support measures that a telecommunications company can provide to overcome COVID-19 with one heart."

This content was produced with the assistance of AI translation services.