Hyundai Department Store Group to Pay KRW 273.8 Billion to Partner Firms Early Ahead of Chuseok

[Financial News] Hyundai Department Store Group will make early settlement payments to ease the financial burden on small and medium-sized partner firms ahead of the Chuseok holiday. The measure is intended to support partners’ smooth cash flow amid a prolonged economic slowdown, high interest rates, and high prices.
According to Hyundai Department Store Group on the 6th, the group will pay KRW 273.8 billion in settlement payments to approximately 10,000 small and medium-sized partner firms that do business with its affiliates. The payments will be made on the 21st, before the Chuseok holiday, up to nine days earlier than originally scheduled.
The early payments will go to approximately 3,000 partner firms that do business with Hyundai Department Store and approximately 7,000 partner firms of 15 affiliates, including Hyundai G.F. Holdings, Hyundai Home Shopping Network, Hyundai Green Food, Hyundai Livart, Handsome, Hyundai Everdigm, Daewon Kang Up, Hyundai Bioland, Hyundai Futurenet, Hyundai Duty Free, Hyundai L&C, Zinus, Hyundai Dream Tour, and Hyundai Easywell. The total number of firms is approximately 10,000, about 1,000 more than the roughly 9,000 that received early payments during last year’s Chuseok holiday.
A Hyundai Department Store Group official said, "We are making the settlement payments early for partner firms that are expected to face difficulties raising funds as various operating expenses, including employee bonuses, increase ahead of Chuseok. We will continue to develop a range of support programs to grow together with our long-standing small and medium-sized partner firms."
[email protected] Jang Yu-ha Reporter