Denmark's Salling Group has announced plans to pay DKK500 million (€66.92 million) to small and medium-sized local suppliers this week.
The initiative aims to provide immediate cash to suppliers so that they can manage operations during the crisis.
The amount will be released by setting aside the credit times on approved invoices, the retailer said.
'A Modest Contribution'
CEO of Salling Group, Per Bank, said, “We know that it is a modest contribution in the big picture compared to national aid packages.
"Our initiative immediately contributes to improving the liquidity of smaller companies, and it is one of our contributions to Denmark being able to maintain as many jobs as possible on the other side of the corona crisis.”
The money will cover both suppliers of services and goods used by the Salling Group, the company added.
It operates the retail chains Netto, Føtex, and Bilka in the country.
© 2020 European Supermarket Magazine – your source for the latest retail news. Article by Dayeeta Das. Click subscribe to sign up to ESM: The European Supermarket Magazine.
