Stockmann to adjust the sales and distribution centre operations of the Finnish department store business due to the coronavirus pandemic and initiates codetermination negotiations

STOCKMANN plc, Press release 11.2.2021 at 15:00 EET

To minimize the negative financial impact of the prolonged coronavirus pandemic, Stockmann adjusts its personnel resources to the declined number of customers and initiates codetermination negotiations on temporary layoffs of staff. The negotiations concern the sales and distribution centre operations of the department store business in Finland. A total of approximately 870 people are covered by the negotiations. The aim of the measure is to save approximately EUR 3 million in personnel costs during 2021.

“The coronavirus pandemic has a significant impact on the business environment of the specialty stores and is also clearly visible in the customer flows of Stockmann department stores. We are adapting our operations and the personnel resources of our Finnish department stores and distribution centre to the situation,” says Niko Pesonen, Stockmann’s Chief Sales Officer for Finland.

The negotiations will begin on 16 February 2021 and are expected to last for two weeks. According to the current estimates, persons subject to the codetermination negotiations would be laid off for a maximum period of 90 days during 2021. The negotiations do not concern the customer service unit and do not affect the online store operations.

Further information:
Niko Pesonen, Chief Sales Officer for Finland, tel. +358 50 3429250

www.lindex-group.com

STOCKMANN plc

Jari Latvanen
CEO

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