Stockmann plc's corporate restructuring

Stockmann plc’s file for corporate restructuring was handed in to the District Court of Helsinki on 6 April 2020. Over half of Stockmann plc’s creditors have indicated a positive stance to the filing for corporate restructuring.

Group subsidiaries, including the Stockmann department stores in the Baltics and Lindex, are not in scope of the restructuring proceedings.

The company’s Board of Directors will convene a general meeting, at a date to be announced later, to decide on the possible extension of the restructuring proceedings. Stockmann will publish its Interim report for January–March on 30 April 2020. Stockmann will provide a new guidance when the visibility in the company’s markets is clearer.

Stockmann’s service will continue as usual

The filing for corporate restructuring does not affect our daily operations. Stockmann’s online store is at your service as normally, as well as our department stores in accordance with the announced opening hours. The filing for corporate restructuring will not affect our loyal customer programme or its benefits.

Gift vouchers bought at Stockmann can be used as usual. Payments for return of products purchased in the online store will also be made in accordance with normal praxis.
 

Stock exchange releases and documents published in connection with the corporate restructuring proceedings

6.4.2020 Stockmann plc has decided to file for corporate restructuring

7.4.2020 District Court of Helsinki has ruled a temporary prohibition of collection for Stockmann plc and appointed Attorney Jyrki Tähtinen as interim administrator

8.4.2020 The District Court of Helsinki has ruled to initiate corporate restructuring proceedings of Stockmann plc

9.4.2020 Stockmann plc EUR 250,000,000 Senior Secured Fixed Rate Notes – Event of Default

17.4.2020 Decision of the Helsinki District Court on the establishment of the Creditor's committee and secrecy (in Finnish)

11.6.2020 District Court Resolution (in Finnish)