Finland's Stockmann Sells Head Office Building to Cover Debts

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Struggling Finnish retailer Stockmann said on Monday it had sold its main department store and head office building in the heart of Helsinki to Finnish pension provider Keva for 400 million euros ($442 million) to pay off debts, reported. The 159-year-old retailer initiated a restructuring programme last year to avoid bankruptcy, after struggling for years with debt accumulated from earlier expansions and a consumer shift to online shopping. "Stockmann will continue its department store operations in the entire building under a long lease-back agreement to be made with the new owner," the group said in a statement. Stockmann said the sale was subject to customary closing conditions, expecting it to be completed by the end of April 2022 at the latest. Read more.