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Finland's major retail group sells two department store chains

Xinhua, March 16, 2015 Adjust font size:

Finnish Kesko Group is selling its Anttila Oy chain of department stores and affiliated internet operations in Finland to German-run investment company 4K Invest, local media reported on Monday.

The sale price is a million euros and includes 31 department stores in high street and shopping mall locations under Anttila Oy's two brands, Anttila and Kodin 1, as well as the brands' associated websites. The buyer, 4K Invest, is registered in Luxembourg but is managed out of Munich, Germany.

The chain had a turnover of 324 million euros, but recorded a loss of 64 million euros in 2014. Also last year, Kesko carried out restructuring measures in its Anttila stores.

The announcement by Kesko marked the second major downsizing on the Finnish retail scene this year following the news about the Stockmann company planning to reduce operations and possibly close its department store in Oulu.

The Anttila and Kodin 1 stores employ 1,500 people in Finland.

Anttila was founded by Kalle Anttila in 1950s as the first budget department store and the first low cost mail order house in Finland. Kesko purchased Anttila in 1996.

Kesko CEO Mikko Helander said in a press release on Monday that the sale would provide a good framework for developing the chain. Endit