Hyundai Department Store Group to pay suppliers W273.8b early ahead of Chuseok

Hyundai Department Store Group will pay 273.8 billion won ($201 million) in outstanding payments to small and midsize suppliers up to nine days ahead of the original due date, disbursing the funds on Sept. 21 ahead of the Chuseok holiday. The move aims to ease the financial burden on smaller partners squeezed by a prolonged economic slowdown, high interest rates and rising prices.

About 10,000 suppliers are eligible — roughly 3,000 partners of Hyundai Department Store and approximately 7,000 firms doing business with 15 other group affiliates, including Hyundai Home Shopping, Hyundai Green Food, Hyundai Livart Furniture, Hansem, Hyundai Everdigm, Daewon Kang Up, Hyundai Bioland, Hyundai Futurenet, Hyundai duty-free, Hyundai L&C, Zinus, Hyundai Dream Tour, Hyundai Ezwel and Hyundai G.F. Holdings. The total is about 1,000 more than the roughly 9,000 suppliers covered during last year's Chuseok period.

"We will continue to develop a wide range of support programs to grow together with our small and midsize partners," a Hyundai Department Store Group official said.