Stockmann has completed the Seppälä transaction
Helsinki, Finland, 2015-03-31 11:30 CEST (GLOBE NEWSWIRE) —
STOCKMANN plc, Company Announcement 31.3.2015 at 12:30 EET
Stockmann has signed an agreement regarding the selling of its subsidiary, Seppälä Oy, to Seppälä’s CEO Eveliina Melentjeff and her husband Timo Melentjeff on 1 April 2015.
The transaction will be completed according to the memorandum of understanding announced in a stock exchange release on 2 February 2015. The transaction covers 82 Seppälä stores in Finland and 20 in Estonia.
The selling of Seppälä will improve the Stockmann Group’s profitability. Seppälä’s revenue in 2014 was EUR 92.6 million and operating result excluding non-recurring items was -27.2 million. The purchase price of Seppälä does not have a significant effect on Stockmann’s earnings.
Kjell Sundström, Chief Strategy Officer, Stockmann, tel. +358 9 121 5877
Eveliina Melentjeff, CEO, Seppälä, tel. +358 9 121 7280