Stockmann and Lindex owner will file for restructuring proceedings for Stockmann plc, as the coronavirus epidemic in Europe has caused significant changes in the operating environment of the group. Despite continued strong growth in recent weeks in the webstores of both of its retail brands, online sales growth hasn’t been able to compensate for the “drastic decline in customer volumes in the current exceptional situation,” it explained. Last year the group renewed its strategy and launched a performance improvement programme at the department stores and at Lindex, targeting cost savings and other performance improvements.
Tallinn's Stockman department store will not be affected by the decision of the company's Finnish arm to file for "corporate restructuring" on Monday morning. The Estonian subsidiary operates independently and the Tallinn department store continues its daily operations as usual.