March 17, 2020 / 9:22 AM / 13 days ago

BRIEF-Stockmann Initiates Codetermination Negotiations On Temporary Layoffs Of Staff

March 17 (Reuters) - Stockmann Oyj Abp:

* ACCORDING TO CURRENT ESTIMATES, TEMPORARY LAYOFFS WOULD BE CARRIED OUT IN SUCH A WAY THAT ALL PERSONS SUBJECT TO CODETERMINATION NEGOTIATIONS ARE LAID OFF FOR A MAXIMUM PERIOD OF 90 DAYS

* NEGOTIATIONS WILL BEGIN ON 23.3.2020 AND ARE EXPECTED TO LAST FOR TWO WEEKS

* STOCKMANN’S DEPARTMENT STORE BUSINESS TO ADJUST ITS OPERATIONS AND PERSONNEL RESOURCES IN THE EVENT OF THE CORONAVIRUS AND INITIATES CODETERMINATION NEGOTIATIONS

* EFFECTS OF GLOBAL CORONAVIRUS SITUATION ARE EXPECTED TO HAVE A NEGATIVE IMPACT ON STOCKMANN GROUP’S BUSINESS ENVIRONMENT IN SHORT TERM.

* ON CORONAVIRUS: WE ESTIMATE THAT CURRENT SITUATION WILL HAVE A SIGNIFICANT IMPACT ON OUR SALES IN SHORT TERM

* MINIMIZE NEGATIVE FINANCIAL IMPACT OF CORONAVIRUS SITUATION, STOCKMANN ADJUSTS ITS PERSONNEL RESOURCES TO WEAKENED DEMAND AND INITIATES CODETERMINATION NEGOTIATIONS ON TEMPORARY LAYOFFS OF STAFF

* NEGOTIATIONS CONCERN ENTIRE PERSONNEL OF STOCKMANN’S DEPARTMENT STORE FUNCTIONS IN FINLAND, APPROXIMATELY 1 400 PERSONS Source text for Eikon: Further company coverage: (Gdansk Newsroom)

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