Public Home Shopping to Advance Payment of 23 Billion KRW to Partners Ahead of Seol Holiday
Support for Over 1,000 Partner Companies
[Asia Economy Reporter Kim Cheol-hyun] Public Home Shopping (CEO Jo Seong-ho) announced on the 16th that it will prepay approximately 23 billion KRW in sales proceeds to small and medium-sized partner companies ahead of the Lunar New Year holiday.
Public Home Shopping decided to advance the payment date from the usual 20th to the 17th to facilitate smooth fund management for small and medium-sized partners ahead of the earlier-than-usual Lunar New Year. Partner companies that have agreed to Public Home Shopping’s win-win payment system can cash out early starting from the 12th, effectively receiving their sales proceeds up to 8 days in advance.
This early payment of sales proceeds is a measure to help improve the cash liquidity of partner companies facing financial difficulties not only due to the impact of COVID-19 but also because of high interest rates, high exchange rates, and high inflation.
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The payment targets approximately 1,000 partner companies trading with Public Home Shopping, and the full amount of 23 billion KRW in transaction payments from January 1 to 10 will be paid in cash. Lee Hyun-jung, head of the Public Home Shopping Management Planning Team, said, "Following last year, we have promoted early payment of sales proceeds for this Lunar New Year as well to alleviate some of the difficulties faced by our partners. We will continue to strive to become a public institution home shopping company that prioritizes fairness and win-win values to grow together with many partners."
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