Hyundai Department Store Group to Advance Payment of 300 Billion KRW to Partners for Chuseok

Transactions with 13 Affiliates Including Department Stores and Home Shopping
Advance Payment of Settlement Amounts to Over 9,600 Partner Companies

Hyundai Department Store Group announced on the 4th that it will advance the payment of 300 billion KRW to small and medium-sized partner companies ahead of Chuseok. This is to help the cash flow of small and medium-sized partners who are struggling due to the economic downturn, high interest rates, and high inflation.

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

Hyundai Department Store Group stated that it will advance the payment of 300 billion KRW for September to about 9,600 small and medium-sized partner companies that transact with the group’s affiliates by up to 5 days earlier than the original payment date. The group will pay the 300 billion KRW to small and medium-sized partners transacting with 13 affiliates including Hyundai Department Store, Hyundai Home Shopping, Hyundai Green Food, Handsome, Hyundai Livart, Hyundai Department Store Duty Free, Hyundai L&C, and Zinus on the 25th of this month, before the Chuseok holiday.

The small and medium-sized partners benefiting from this include about 3,800 companies that transact with Hyundai Department Store, totaling approximately 9,600 small and medium-sized partner companies. A Hyundai Department Store Group official said, "We decided to advance the payment to small and medium-sized partners who are expected to face difficulties in raising 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 partners going forward."

Meanwhile, Hyundai Department Store has been operating an interest-free loan system since 2014 to assist the cash flow of small and medium-sized partners it transacts with. It is operated using an annual fund of 6 billion KRW.

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