The District Court of Länsi-Uusimaa has given a decision in the case between Lindex Group plc and LähiTapiola Keskustakiinteistöt Ky concerning the annulment of an arbitral award

LINDEX GROUP plc, Inside Information 29.11.2024 at 13:00 EET

 

The District Court of Länsi-Uusimaa has given a decision in the case between Lindex Group plc and LähiTapiola Keskustakiinteistöt Ky concerning the annulment of an arbitral award

 

The District Court of Western Uusimaa has today given a decision in the case between Lindex Group plc and LähiTapiola Keskustakiinteistöt Ky. Lindex Group plc had requested that the District Court declare null and void or set aside the arbitral award issued on 31 August 2021 in a dispute between the same parties regarding the amount of damages to be paid for the termination of the lease agreement for Stockmann's department store in Tapiola. The arbitral award had determined that the amount of compensation to be paid to LähiTapiola Keskustakiinteistöt Ky is EUR 19.3 million. The compensation is Lindex Group plc’s restructuring debt. Lindex Group plc has already paid EUR 3.5 million of the compensation.

 

The District Court of Western Uusimaa dismissed Lindex Group plc’s claim. It is possible to appeal the District Court’s decision to the Court of Appeal. Lindex Group plc will look into the decision and is considering further action in the matter.

 

The amount of Lindex Group plc’s restructuring debt to LähiTapiola Keskustakiinteistöt Ky is also subject to the Helsinki District Court's decision, which has been published in a stock exchange release on 25 October 2024.

 

LINDEX GROUP plc

 

Susanne Ehnbåge
CEO

 

Further information:
Jukka Naulapää, Chief Legal Officer, tel. +358 9 121 3850

 

Distribution:
Nasdaq Helsinki,
Principal media

Lindex Group plc is an international multichannel retail group with two divisions: Lindex and Stockmann. Lindex is a global fashion company with a purpose to empower and inspire women everywhere. Its three strong categories include women’s and kids’ wear as well as lingerie, where it is a market leader in the Nordics. Stockmann is a premium multi-brand retailer with department stores in Finland and the Baltics. Its purpose is to be a marketplace for a good life. In 2023, the Lindex Group’s revenue was EUR 952 million and it had some 5 800 employees. The Group’s roots lie in the Stockmann company founded in 1862 and its shares are listed on the Nasdaq Helsinki Ltd. in Finland. www.lindex-group.com