Shinsegae Group to Make Early Payments of 200 Billion Won to Small and Medium-Sized Partners

Three Shinsegae Group Companies, Including Emart, Shinsegae Department Store, and SSG.com, Join the Initiative
Early Payment Targets About 10,700 Partner Companies

Shinsegae Group announced on September 19 that it will make early payments totaling approximately 200 billion won to about 10,700 small and medium-sized partner companies ahead of the Chuseok holiday.

Three companies within the group-Emart, Shinsegae Department Store, and SSG.com-will participate in the early payment initiative. These companies plan to pay their partner companies between September 30 and October 1, up to 15 days earlier than the usual settlement date.

Shinsegae Group explained that it decided to advance the payment schedule to provide practical support for the cash flow of small and medium-sized partner companies, which face increased financial demand for bonuses and raw material purchases ahead of the holiday season, especially in the current high-interest rate environment.

Since 2011, Emart and Shinsegae Department Store have operated a co-prosperity fund to help partner companies obtain loans at low interest rates, among other initiatives to promote mutual growth.

A Shinsegae Group representative stated, "We are making early payments to small and medium-sized partner companies so that they can manage their finances more stably amid challenges such as high interest rates and inflation. We will continue to pursue various efforts to promote mutual growth with our partners in the future."

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