Struggling retailer Stockmann Group is to sell off its flagship department store in Helsinki as well as other properties, the firm announced on Monday as it revealed its restructuring strategy.
The firm said it is also planning to sell its stores in Tallinn, Estonia and Riga, Latvia, noting that it would continue operations as a tenant in the sold-off properties, as well as online.
Proceeds from the sales of the properties will be used to pay debts, the firm said in a stock exchange announcement, noting that its liabilities amounted to nearly 740 million euros.
The department store chain was established in 1862 …
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