Co-determination negotiations in Stockmann’s marketing concluded

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| Source: Stockmann Oyj Abp
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Helsinki, Finland, 2014-01-07 12:00 CET (GLOBE NEWSWIRE) -- STOCKMANN plc, Investor News 7.1.2014 at 13:00 EET

Stockmann’s statutory co-determination negotiations in the Department Store Division’s marketing are concluded and the new organisational model has been approved. As a consequence, Stockmann will reduce 50 jobs in its marketing operations in Finland, of which 33 through redundancies and the rest mainly through retirements and internal moves within the company. At the beginning of the negotiations the personnel reduction need was estimated to be up to 70 people.

The aim is to improve the efficiency of marketing processes, better meet the requirements of the changing media environment and to achieve annual cost savings of approximately EUR 4 million. The savings will be implemented to start in 2014 and in full during 2015.

The reorganisation of marketing is part of the structural changes in Stockmann’s Department Store Division which are designed to achieve a more efficient cost structure and to improve competitiveness. In addition to the structural changes, Stockmann is targeting savings of over EUR 17 million by summer 2014 through reductions in fixed costs and via temporary lay-offs.

Further information:
Maisa Romanainen, Executive Vice President, Director for the Department Store Division, tel. +358 9 121 5230
Raija-Leena Söderholm, Marketing Director, Department Store Division, tel. +358 9 121 7507


www.stockmanngroup.com


STOCKMANN plc

Hannu Penttilä
CEO


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