Stockmann will sell its stores in Russia. This company was forced to losses and the weakening of the ruble.
Sales of the Stockmann department store in Russia amounted to about 240 million euros and an operating loss of 26 million euros in 2014. The company currently has seven stores in Russia (5 in the Moscow region, one in St. Petersburg and Yekaterinburg 1), as well as a logistics center and administrative and support prdrazdeleniya. The Stockmann in Russia has about 2300 employees.
Department stores Stockmann will be sold to Reviva Holdings Limited. The company owns a network of shopping centers Debenhams (Debenhems), who work in Russia under a franchise agreement.
Stockmann in Russia to focus on the real estate business and will continue to own the Nevsky Centre shopping center in St Petersburg.
Reviva company plans to buy Russian branch of Stockmann (entire share capital of OOO Stockmann). As reported in the media, the deal amounts to EUR 5 million. The deal is expected to be completed 01.31.2016. The Purchaser reserves the right to use the brand Stockmann two more years. The transition to the new name will be gradual. The transaction requires the approval of the Russian antitrust authorities. Nearest Stockmann department stores will continue to work in Helsinki and Tallinn.