17 February 2021
The Weekly

Stockmann will initiate consultative negotiations over temporary lay-offs with around 870 staff members of its distribution centres and the sales divisions of its department stores in Finland. The temporary lay-offs should not last for more than 90 days. This measure should generate roughly three million euros in personnel cost savings during the course of this year. The negotiations are scheduled to start on 16 February and end in early March. The re-structuring plan of the retailer was approved by the District Court of Helsinki which will see the company divest and lease back its department stores in Helsinki, Riga and Tallinn.