The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
Retail Retail Trade, Except Of Motor Vehicles And Motorcycles Retail Sale In Non-Specialised Stores 47.1 - Retail sale in non-specialised stores
300 jobs Number of planned job losses
Announcement Date
13 June 2016
Employment effect (start)
Foreseen end date
Description
The Finnish retail trade company Stockmann has initiated employer-employee negotiations aiming to cut up to 380 jobs. Stockmann's revenue has not developed as anticipated and therefore Stockmann has initiated the co-determination negotiations. Department store retail staff have been told that they will not be made redundant. Stockmann's retail revenue declined by 2.7% for May 2016 compared with May 2015.
Stockmann aims to cut costs by €20 million yearly from 2017 an onward. A cost- efficiency program was implemented last year and Stockmann aims to make a profit during 2018.
The ERM has previously reported on internal restructuring and lay-offs at Stockmann during the spring of 2015.
Update 19/08/2016: The negotiations were concluded in August, resulting in approximately 300 job reductions, out of which the majority will be carried out through dismissals. The number of sales personnel will not be reduced, so as to avoid negative effects on customer service. Approximately 80 of the dismissed back office personnel will be offered new jobs within sales.
Sources
13 June 2016: Hufvudstadsbladet (HBL)
12 August 2016: Helsingin Sanomat (HS)
Citation
Eurofound (2016), Stockmann, Internal restructuring in Finland, factsheet number 87728, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/87728.
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