Citycon Oyj Completes Collaborative Negotiations; to Cut Jobs; Starts Reorganization of Business Operations

Citycon Oyj announced that its statutory collaborative negotiations in the Finnish Business Unit concerning reorganization of business operations have been concluded. As a result of the negotiations, the Company will reduce a total of 10 employees from its Finnish Business unit. It was estimated when the process started that a maximum of 14 employees would possibly be reduced. A cluster organization model will be taken into use in all of Citycon’s operating countries. In the cluster organizational model shopping centers will be combined to form entities which are led by commercial directors. The new organizational model will be more efficient and it will bring decision-making closer to the business. At the same time operational processes will be streamlined and overlapping responsibilities will be removed.