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Finnish retail giant Stockmann continues downsizing

Xinhua, April 14, 2015 Adjust font size:

Finnish retail giant Stockmann confirmed on Tuesday its plan to close its department store in Oulu, northern Finland.

As part of its latest downsizing plan, Stockmann also announced the decision to reduce its overall staff in Finland by a further 260 persons.

The pullout from Oulu had been conditional on whether Stockmann could reduce its rent in the city center, but no agreement with the owners was reached.

In line with its announcements in February, Stockmann is to close three department stores in Moscow, Russia by the end of 2016.

The company will commence talks with staff about a further cutback of 260 positions mainly in auxiliary functions in Helsinki.

The Stockmann department store in downtown Helsinki will offer space to outside retailers in segments of the merchandise that Stockmann itself will no longer handle.

The revenue of the group in 2014 was 1.8 trillion euros (1.91 trillion U.S. dollars). Endit