77
Fashion Jobs
BEIERSDORF
Sales Representative North Greece (Based in Thessaloniki)
Permanent · ATHENS
FOOT LOCKER
Συνεργάτης Πωλήσεων
Permanent · THESSALONIKI
L'OREAL GROUP
Senior Product Manager Maybelline – Consumer Products Division
Permanent · NEA IONIA
CLINIQUE
Consumer Marketing Manager, Clinique
Permanent · ATHENS
LA MER
Consumer Marketing Executive, LA Mer
Permanent · ATHENS
TOM FORD
Consumer Marketing Manager Tom Ford
Permanent · ATHENS
L'OREAL GROUP
Beauty Advisor
Permanent · THESSALONIKI
L'OREAL GROUP
Nyx pm Beauty Advisor (Attiki)
Permanent · ATHENS
H&M
Σύμβουλος Πωλήσεων - Μερική Απασχόληση
Permanent · CHALANDRI
ESTÉE LAUDER COMPANIES
Fixed Assets & Decorations Supervisor
Permanent · ATHENS
SEPHORA
Accounting
Permanent · ATHENS
SEPHORA
Category Specialist
Permanent · ATHENS
H&M
Σύμβουλος Πωλήσεων (Mare West) - Μερική Απασχόληση
Permanent ·
H&M
Σύμβουλος Πωλήσεων - Μερική Απασχόληση
Permanent · PIRAEUS
H&M
Hiring Day Chania - Sales Advisors
Permanent · CHANIA
MAD LORDS
Sales Assistant Scorpios Mykonos
Fixed-term · MYKONOS
FOOT LOCKER
Συνεργάτης Πωλήσεων
Permanent · MAROUSI
FOOT LOCKER
Συνεργάτης Πωλήσεων
Permanent · ATHENS
H&M
Σύμβουλος Πωλήσεων (Metro Mall) - Μερική Απασχόληση
Permanent · AGIOS DIMITRIOS
H&M
Σύμβουλος Πωλήσεων - Μερική Απασχόληση
Permanent · KALAMATA
H&M
Σύμβουλος Πωλήσεων - Μερική Απασχόληση
Permanent · NEA IONIA
GUESS
Sales Advisor (Greece)
Permanent · ATHENS
Published
Dec 14, 2020
Reading time
2 minutes
Download
Download the article
Print
Text size

Stockmann to retain Lindex under restructuring plan

Published
Dec 14, 2020

Finnish retail giant Stockmann will retain its Lindex fashion chain as it puts its restructuring plan into operation, despite speculation in recent months that it could sell off the business.


Lindex



That speculation came after the company had said just over a year ago that it was looking at “strategic alternatives” for the ownership of Lindex, which it saw as having “great potential”.

But on Monday, as it announced the proposals that have resulted from its restructuring review, it said “Lindex’s operations will continue under the ownership of the Stockmann Group, and its cash flows contribute to cover payment obligations disclosed in the restructuring programme”.

Looking at the wider plan, Stockmann said that both “the company and the administrator are confident that the measures described can be used to restore the company’s business and the prerequisites for a profitable continuation of business exist”.

It includes the continuation of Stockmann’s department store operations, the sale and lease-back of department store properties located in Helsinki, Tallinn and Riga to pay down debt, plus that Lindex news.

The firm’s department stores are in Finland and the Baltics and the duration of the new programme is eight years. During this time, we should see a “sharpened strategy [that] responds to the changes in the operating environment and consumer behaviour by investing in customer relationships and loyalty, enhancing the customer experience in all channels, fostering a customer-centric culture, and focusing on profitable business operations”.

It’s also been negotiating new lease deals for certain properties that see it occupying smaller space than previously at the Jumbo shopping centre in Vantaa, Turku department store, Tampere department store, and Tapiola department store. Talks on the department store lease agreement at ITIS shopping centre in Helsinki are continuing.

The company also said it’s not planning on any “material reductions in personnel" as part of the restructuring programme.

And good news for some creditors is that the administrator has authorised it to pay all small-scale creditors “their entire receivable if it does not exceed €5,000. As a result of this decision, the company has paid the receivables of more than 400 creditors in November and early December 2020”. It repaid €0.7 million in small-scale liabilities by December 10.

All of its actions should cut its unsecured debts by 20% and creditors have the option to convert this 20% share of the restructuring debt into the company’s series B shares.

Stockmann also said its largest creditors are in support of its plans and its largest shareholders (representing 45.3% of shares and 62.6% of votes) are too.

Copyright © 2024 FashionNetwork.com All rights reserved.