Stockmann prepares to close all its department stores in Finland due to stricter corona virus restrictions and initiates codetermination negotiations

STOCKMANN plc, Press release 26.3.2021 at 12:00 EET

Stockmann initiates codetermination negotiations on layoffs for the entire staff in Finland due to the stricter restrictions caused by the corona virus situation and the negative effects these have on the business. The aim is to prepare the number of staff for a situation where customers are not able to visit the department stores due to stricter corona virus restrictions, and for an immediate decline of the revenue caused by the situation. The operations in the Stockmann online store are continuing as normal.

The codetermination negotiations will begin during week 13, where possible layoffs for a maximum period of 90 days will be negotiated in a situation where the department stores possible are forced to close. The negotiations concern approximately 1 200 employees in all department stores and support functions in Finland.

Further information:
Jari Latvanen, CEO, tel. +358 9 121 5606
Niko Pesonen, Chief Sales Officer, tel. +358 50 3429250

www.stockmanngroup.com

STOCKMANN plc

Jari Latvanen
CEO

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