BGF Retail Advances Settlement Payments of 110 Billion KRW to Franchise Stores and Small-Medium Partners

[Asia Economy Reporter Lim Chunhan] BGF Retail announced on the 13th that it will make early payments of settlement funds to franchise stores and small and medium-sized partner companies.

The total amount of settlement funds to be paid this time is 110 billion KRW. The payment targets are franchise store owners who applied for early settlement among about 15,000 franchise stores nationwide and about 120 small and medium-sized partner companies that do business with BGF Retail.

This initiative is to help franchise stores and small and medium-sized partner companies struggling with cash flow due to the prolonged COVID-19 pandemic, advancing the payment schedule by about half a month compared to the original payment date. Payments will be made to franchise stores on the 27th of this month and to small and medium-sized partner companies on the 28th.

Since 2013, BGF Retail has been making early payments of settlement funds ahead of the Lunar New Year and Chuseok holidays, when cash usage increases, providing significant support for the cash flow management of franchise stores and small and medium-sized partner companies.

A BGF Retail official said, “We operate various programs to practice mutual growth in line with our corporate identity of being a good friend,” adding, “Based on the solid partnership built over more than 30 years, we will overcome the difficult times caused by COVID-19 together.”

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