Stockmann to sell Academic Bookstore to Bonnier Books – books will remain in department stores’ offering to customers
Helsinki, Finland, 2015-06-18 07:30 CEST (GLOBE NEWSWIRE) --
STOCKMANN plc, Company Announcement 18.6.2015 at 08:30 EET
Stockmann has signed a letter of intent regarding the sale of the Academic Bookstore business to the Swedish media company Bonnier Books AB. In line with its strategy, Stockmann’s future selection will have a stronger focus on fashion, cosmetics, food in Stockmann Delicatessen and home products. The Academic Bookstore will continue as a tenant in the department stores, offering Stockmann’s customers books and related Loyal Customer offers.
The planned transaction includes the Academic Bookstore store operations, online store, direct support functions, and assets and personnel related to the business. The Academic Bookstore will continue its business in the Book Building in the Helsinki city centre and in other Stockmann department stores in Finland, apart from Oulu where the store will be closed as previously announced. The transaction is estimated to take place at the latest on 1 October 2015 and it is estimated not to have a significant effect on Stockmann’s earnings in 2015.
In line with its strategy, Stockmann is focusing on its key product areas and complementing its own offering with attractive goods and services from tenants. Bonnier Books will continue the Academic Bookstore business both in Stockmann’s own and leased premises, and will rent a total of approx. 5 000 sqm of store space in locations currently used by Stockmann.
“It was important for Stockmann to find a new owner that is committed to developing the business with a long-term view and willingness to continue running the bookstores in Stockmann’s department stores. I am confident that the Academic Bookstore has the best opportunities to strengthen its operations with Bonnier Books. The transaction will ensure that the business is developed by a true professional of literature and that the Academic Bookstore will continue to inspire book lovers in the future,” says Per Thelin, CEO of Stockmann.
“Finland is an important market for us in the long run. We are driving the Tammi and WSOY publishing houses and have successfully launched the Adlibris online store in Finland. We want to participate and develop the Finnish book market. We believe in literature, and the Academic Bookstore with its impressive heritage is a great addition to our operations,” says Jacob Dalborg, CEO of Bonnier Books.
The Academic Bookstore’s revenue in 2014 was EUR 40.6 million, which was 4% of Stockmann Retail’s total revenue. The Academic Bookstore was founded in 1893 by Alvar Renqvist and Gösta Branders and it has been a part of Stockmann since 1930. At present the chain has seven stores located in Helsinki city centre (‘Book Building’), Tapiola, Itis, Jumbo, Turku, Tampere and Oulu.
Bonnier Books is one of Europe’s largest book publishing houses in e.g. fiction, children and non-fiction books. It has operations in e.g. Finland, Sweden, Norway, England, Germany, Poland and France. Bonnier Books is a sub-group and business area in the media group Bonnier. Founded in 1804, the company is wholly owned by the Bonnier family and it has operations in 16 countries. In Finland Bonnier Books owns the WSOY, Tammi and ReadMe publishing houses and the Adlibris online bookstore, among others.
Per Thelin, CEO, tel. +358 9 121 5542
Tove Westermarck, Development Director, tel. +358 9 121 5718
Nora Malin, Director, Corporate Communications, tel. +358 9 121 3558
Jacob Dalborg, CEO, tel. +46 8 696 8001