March 17, 2020 / 10:06 AM / 17 days ago

Finland's Stockmann to lay off all 1,400 staff temporarily

HELSINKI, March 17 (Reuters) - Finnish retailer Stockmann said on Tuesday it would begin statutory negotiations with all of its 1,400 employees for temporary layoffs of up to three months due to the coronavirus situation.

Known for its prestigious department stores, Stockmann has struggled in recent years due to a consumer shift to online shopping, prompting cost cuts and divestments.

Stockmann, which has not reported an annual net profit since 2013, said the situation would have a negative impact on its short-term business as well as a significant impact on its sales in the short term, without providing exact numbers.

Reporting by Anne Kauranen; editing by Jason Neely

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