Stockmann Reports 49% Plunge In March Sales as It Looks to Restructure

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Finland’s Stockmann suffered a 49.1% fall in March sales hurt by the impact of the coronavirus, said the department store operator, which has filed for corporate restructuring, Reuters reported. Its adjusted operating loss widened to 30.5 million euros from 21.4 million a year earlier, it said. Shares in the company were down 4.2% by 0900 GMT. Known for its upmarket department stores, Stockmann has struggled for years in the face of a consumer shift to online shopping, prompting cost cuts and divestments. On April 6, Stockmann announced it would file for corporate restructuring. A day later it said more than 50% of its creditors had indicated they supported the restructuring, a form of administration in which a court appointee is charged with restructuring the company to avoid bankruptcy. CEO Jari Latvanen said group sales in January-February had been on a healthy level with growth of 3.5%. Read more

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