A Korean parliamentary committee approved shorter payment deadlines for large retailers' suppliers on September 3, Newsis reported Saturday. The bill would cut the direct purchase payment deadline from sixty days after delivery to thirty-five days.
For consignment and certain other transactions, the deadline would fall from forty days after monthly closing to twenty days. The legislation also includes exceptions when retailers cannot pay on time for reasons beyond their control.
The bill still requires further committee review and a National Assembly vote. GS Retail (007070): The company's market capitalisation was ₩2.1 trillion at Friday's close.
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| Symbol | Last Price |
|---|---|
| 007070GS Retail | ₩25,400 -1.0% |