“The business environment in the retail sector has changed very rapidly due to the effects of the coronavirus, and we estimate that the current situation will have a significant impact on our sales in the short term. In this challenging situation adjustment measures are unfortunately essential to safeguard the company’s operating conditions”, says Jari Latvanen, CEO of Stockmann plc.
Codetermination negotiations initiated 23.3.2020
To minimize the negative financial impact of the coronavirus situation, Stockmann adjusts its personnel resources to the weakened demand and initiates codetermination negotiations on temporary layoffs of staff. The negotiations concern the entire personnel of the Stockmann’s department store functions in Finland, approximately 1 400 persons.
According to current estimates, temporary layoffs would be carried out in such a way that all persons subject to the codetermination negotiations are laid off for a maximum period of 90 days. Negotiations will begin on 23.3.2020 and are expected to last for two weeks. Similar personnel adjustment measures are also carried out in Stockmann’s Baltic operations.