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Stockmann plans to sell its clothing chain Seppala; Latvian outlets to be shut down

BC, Riga, 02.02.2015.Print version
Finnish retail group Stockmann has signed a letter of intent concerning the sale of its clothing chain Seppala. The deal covers more than 100 Seppala outlets in Finland and Estonia, reports YLE/LETA.

Stockmann announced on Monday that it has agreed to sell its subsidiary chain Seppala to the company's current chief executive Eveliina Melentjeff and her husband Timo Melentjeff.

 

The deal will include 82 Seppala stores in Finland and 20 in Estonia, and should be concluded by April 1.

 

Melentjeff said that the sale will ensure the continuity of the chain, which has been in business for more than 80 years.

 

Meanwhile, job reduction talks at the chain ended in December with a decision to close down 41 outlets in Finland and send home approximately 200 workers.

 

Stores in Latvia, Russia, and Lithuania will also be shuttered.

 

Last year, the company's sales totaled EUR 92.6 million.

 

Seppala has 130 stores in Finland, 36 in the Baltic countries, and 16 in Russia.





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