Hyundai Department Store Group to Make Early Payment of 210.7 Billion Won to SME Partners Ahead of Chuseok

Early Payments to Over 9,000 Partner Companies

Hyundai Department Store Group will make early payments to its small and medium-sized partner companies ahead of the Chuseok holiday. This initiative aims to ease the management burden on these partners, who are facing financial pressure due to the prolonged economic downturn, high interest rates, and high inflation.

On September 16, Hyundai Department Store Group announced that it will pay 210.7 billion won in settlement payments to approximately 9,000 small and medium-sized partner companies up to nine days earlier than originally scheduled, with payments to be made on October 1, before the Chuseok holiday.

The small and medium-sized partner companies receiving early payments include about 7,000 businesses working with Hyundai Department Store, as well as approximately 2,000 companies that have transactions with 14 other affiliates, such as Hyundai GF Holdings, Hyundai Home Shopping, Hyundai Green Food, Hyundai Livart, Handsome, Hyundai Everdigm, Daewon Kangup, Hyundai Bioland, Hyundai Futurenet, Hyundai Duty Free, Hyundai L&C, Zinus, Hyundai Dream Tour, and Hyundai EZwell, totaling around 9,000 companies.

A representative from Hyundai Department Store Group stated, "Ahead of Chuseok, we expect our partner companies to face difficulties in securing funds due to increased demand for various operating expenses, including employee bonuses. Therefore, we are advancing the payment schedule." The representative added, "We will continue to develop a variety of support programs to foster mutual growth with our long-term small and medium-sized partners."