Stockmann’s department store business to adjust its operations and personnel resources in the event of the coronavirus and initiates codetermination negotiations

STOCKMANN plc, Press release 17.3.2020 at 11:00 EET

The effects of the global coronavirus situation are expected to have a negative impact on the Stockmann Group's business environment in the short term.

“The business environment in the retail sector has changed very rapidly due to the effects of the coronavirus, and we estimate that the current situation will have a significant impact on our sales in the short term. In this challenging situation adjustment measures are unfortunately essential to safeguard the company's operating conditions”, says Jari Latvanen, CEO of Stockmann plc.

Codetermination negotiations initiated 23.3.2020

To minimize the negative financial impact of the coronavirus situation, Stockmann adjusts its personnel resources to the weakened demand and initiates codetermination negotiations on temporary layoffs of staff. The negotiations concern the entire personnel of the Stockmann’s department store functions in Finland, approximately 1 400 persons.

According to current estimates, temporary layoffs would be carried out in such a way that all persons subject to the codetermination negotiations are laid off for a maximum period of 90 days. Negotiations will begin on 23.3.2020 and are expected to last for two weeks. Similar personnel adjustment measures are also carried out in Stockmann's Baltic operations.

Further information:
Jari Latvanen, CEO, tel. +358 9 121 5606
Henna Tuominen, Director, Communications, CSR and IR, tel. +358 50 5705080

www.stockmanngroup.com

STOCKMANN plc

Jari Latvanen
CEO

Distribution:
Nasdaq Helsinki
Principal media