• Stockmann agrees on sale of department stores in the Baltics

    16 days ago - By Fashion United

    Image: Stockmann
    Finnish retail company Stockmann has confirmed the sales of two of its department store properties to Viru Keemia Grupp .
    The total sale price amounts to approximately 87 million euros, with the group stating it will use the proceeds in full to reduce its secured restructuring debt.
    The properties sold are located in Tallinn, Estonia, and Riga, Latvia.
    It will continue its department store operations in the two locations through a long-term leaseback agreement made with VKG.
    “We are pleased to have found a stable and reliable Baltic owner for the properties, that wants to...
    Read more ...