Stockmann to sell all of its shopping centers in Russia
27.11.2015 584 views
Stockmann, a retail chain of Finland, have signed the documents to sell its Russian shopping centers to Reviva Holdings Limited, which owns the brand Debruss (Russian franchise of Debenhams global chain).
According to the official press release, Stockmann intends to focus on development business in Russia. Reviva Holdings will buy the Stockmann shopping centers for EUR5 million in cash. The parties plan to complete the deal by January 31, 2016.
"The business we are selling in Russia has been loss-making over the past few years, and the devaluation of the ruble significantly increase our losses. Stockmann plans to achieve a profitability level again, so we decided to pull out of this business," - says Per Thelin, Stockmann CEO, as quoted by the press service.