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Finland's major department store sells its book stores

Xinhua, June 18, 2015 Adjust font size:

Finland's biggest department store chain Stockmann announced on Thursday the sale of its renowned Academic Bookstores and the related internet shop, local media reported.

The buyer is Swedish media concern Bonniers. Stockmann has been downsizing over the past year with announced closings of four department stores in Russia and one in Oulu, Finland.

Academic Bookstore has been part of the Stockmann brand in Finland since 1930. Its turnover was last year 40 million euros, matching four percent of the total Stockmann turnover.

The transaction is to be completed by October this year.

Bonniers is a Swedish media conglomerate. It is the owner of the Finnish commercial television channel MTV3.

Stockmann has recently given up home electronics and admitted an outside company selling electronics in its stores.

Stockmann said on Thursday it will concentrate now on fashion, cosmetics, food and products. The bookstores will continue operating on Stockmann premises albeit under outside ownership.

Following the closing of Oulu, there are six Academic Bookstores in Finland. Endit