Stockmann has completed the Academic Bookstore transaction
Helsinki, Finland, 2015-09-30 13:30 CEST (GLOBE NEWSWIRE) --
STOCKMANN plc, Company Announcement 30.9.2015 at 14:30 EET
Stockmann has completed the sale of the Academic Bookstore business to the Swedish media company Bonnier Books AB. Withdrawal from the book business is part of Stockmann’s strategy to focus on its core product categories of fashion, cosmetics, food and home products.
The transaction was completed according to the letter of intent which was announced on 18 June 2015. Bonnier will continue the Academic Bookstore business in Stockmann’s Book Building in the Helsinki city centre and in other Stockmann department stores in Finland, except in Oulu.
The transaction has been approved by the Finnish Competition and Consumer Authority, and the transfer of business will take place on 1 October 2015.
Due to the transaction, Stockmann will record a non-recurring item of approximately EUR -3.2 million related to inventories and non-current assets for the third quarter of 2015. The book inventories on the closing date are higher than earlier estimated.
The Academic Bookstore’s revenue in 2014 was EUR 40.6 million, which was 4 per cent of Stockmann Retail’s total revenue.