Stockmann has sold its department store business in Russia
Helsinki, Finland, 2016-02-01 15:00 CET (GLOBE NEWSWIRE) --
STOCKMANN plc, Company Announcement 1.2.2016 at 16:00 EET
Stockmann has today completed the divestment of its department store business in Russia to Reviva Holdings Limited, as announced on 27 November 2015. The transaction has been approved by the Russian Federal Antimonopoly Service.
Withdrawal from the department store business in Russia is part of Stockmann’s strategy to optimise its department store network and bring about a turnaround in profitability. Stockmann will continue to operate the Nevsky Centre shopping centre in St Petersburg, Russia.
Reviva bought 100 per cent of AO Stockmann, a Russian subsidiary of Stockmann plc, and assumed operations of all seven department stores in Russia from 1 February 2016.
The Russian department store business will be reported as a discontinuing operation in the financial statements for 2015. Stockmann’s three market areas in the financial reporting will be Finland, Sweden & Norway, and Baltics, Russia & other countries.