Shinsegae Group said on the 19th that it will pay suppliers' invoices early ahead of the 2025 Chuseok holiday.
Emart, Shinsegae Department Store, and SSG.com, three affiliates within the group, will take part in this early payment of invoices. A total of about 10,700 partner companies will receive payments amounting to 200 billion won.
Shinsegae Group decided to move up the payment schedule to provide practical help with cash management for small and midsize partners, whose demand for funds intensifies for bonuses and raw material purchases ahead of the holiday amid the recent high interest rate environment. Payments will be made between Sept. 30 and Oct. 1, up to 15 days earlier than the original settlement date.
Since 2011, Emart and Shinsegae Department Store have operated a co-prosperity fund to help partner companies obtain loans at low interest rates and have carried out various activities for mutual growth.
A Shinsegae Group official said, "To help partners struggling with high interest rates and inflation manage their funds stably, we are moving up payments for small and midsize partners' invoices," and added, "We will continue various efforts for mutual growth with our partners going forward."