Baltic, Markets and Companies, Retail

International Internet Magazine. Baltic States news & analytics Wednesday, 28.02.2024, 02:43

Stockmann to sell, leaseback its departments store properties in Tallinn, Riga, Helsinki

BC, Tallinn, 14.12.2020.Print version
The Finnish retailer Stockmann is to sell its department store properties in Tallinn, Riga and Helsinki, but will continue operating on the premises as a tenant, according to Finnish public broadcaster Yle reports writes LETA/BNS.

This is part of Stockmann's restructuring program, which has been filed with the Helsinki District Court and must ensure the sustainable operation of the group.

According to the program published on Monday, the business operations of group's clothes chain Lindex will also continue under the ownership of the Stockmann Group. 

The company is not planning on executing material reductions in personnel as part of the restructuring program.

Stockmann, which suffered due to arrears and the fall in turnover due to the coronavirus, filed for corporate restructuring in April. According to the restructuring plan completed in August, the economic difficulties largely stemmed from too rapid an expansion and, at the same time, delays in the launch and development of e-commerce.

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