6 January 2021
The Weekly
Finland

Stockmann will retain its Lindex fashion chain as it puts its restructuring plan into operation. Looking at the wider plan, Stockmann said that both the company and the administrator are confident that the measures described can be used to restore the company’s business and the prerequisites for a profitable continuation of business exist. It includes the continuation of Stockmann’s department store operations, the sale and lease-back of department store properties located in Helsinki, Tallinn and Riga to pay down debt, plus that Lindex news. Stockmann also said it is not planning on any reductions in personnel as part of the restructuring programme. Stockmann has been authorised to pay all small-scale creditors. All of its actions should cut its unsecured debts by 20% and creditors have the option to convert this 20% share of the restructuring debt into Stockmann shares. Stockmann also said its largest creditors are in support of its plans and its largest shareholders (representing 45.3% of shares and 62.6% of votes) are too.

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