Latvia, Markets and Companies, Retail

International Internet Magazine. Baltic States news & analytics Friday, 29.03.2024, 00:16

Stockmann in Latvia operated with EUR 176,932 in losses in 2014

BC, Riga, 24.04.2015.Print version
Retail trade company Stockmann operated with EUR 176,932 in losses in 2014, according to ''Firmas.lv'', cites LETA.

In 2013, the company operated with EUR 632,506 in profit.

 

Stockmann achieved EUR 59.11 million in turnover last year, compared to EUR 61.04 million in turnover in 2013.

 

A Stockmann spokesman told LETA that the poor financial results last year was due to the fact that Stockmann also operated the chain of ''Seppala'' stores in Latvia until October, which have since been closed down.

 

The director of the Stockmann shopping center in Riga Dace Goldmane told LETA that the shopping center itself posted one of its best financial results in the past several years.

 

Stockmann belongs to the Finnish company with the same name, which owns more than 16 shopping centers in Finland, Russia, Latvia and Estonia. The company points out that the Tallinn and Riga shopping centers are posting stable financial results for several years in a row.

 

As reported, following the restructuring of the clothing chain "Seppala", owned by the Finnish retail group Stockmann, two outlets have already been shut down in Latvia, the remaining ones will be closed by the end of the year – as a result, more than 50 people will be laid off.

 

Stockmann announced earlier this year 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.






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