Stockmann to set up new distribution centre and cut staff

HELSINKI Mon Feb 3, 2014 2:47am EST

HELSINKI Feb 3 (Reuters) - Finnish retailer Stockmann said it plans to centralize six warehouses into a new distribution centre in Finland, and aims to cut about 250 jobs by 2016.

The plan is seen cutting annual costs by about 6.5 million euros, the company said.

Stockmann, whose expansion in Russia has been seen as a strength, has recently been hit by a slowdown in the country's economy. (Reporting By Jussi Rosendahl; Editing by Louise Heavens)

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