Lindex Group Oyj: Lindex Group plans to close Stockmann Itis department store in Helsinki

Lindex Group plc, Press release 7 February 2025 at 8:25 EET

Lindex Group plans to close Stockmann Itis department store in Helsinki

The rental agreement for Lindex Group plc's Stockmann department store in the Itis shopping centre in Helsinki will expire on 1 August 2025. Lindex Group plans to close the department store and will start related change negotiations concerning the entire personnel of the Stockmann Itis department store. The schedule of the possible changes will be specified as the change negotiations progress.

"Stockmann Itis is an important part of Stockmann's over 160-year history. We have been serving customers at Itis since 1992. We have explored options for a possible continuation of the rental agreement in good cooperation with the landlord. However, we did not find a sustainable solution that would meet both our customers' expectations and the targeted profitability development that is important to us. Therefore, we start planning a closure of the Stockmann Itis department store and will initiate related change negotiations," says Riku Lyly, Chief Operating Officer (COO) of the Stockmann division.
 

The Stockmann department store in the Itis shopping centre employs approximately 35 people. As part of the change negotiations, the Stockmann division of the Lindex Group will investigate employment opportunities at other Stockmann locations as well as offer support for those in the scope of the change negotiations. The negotiations are estimated to take approximately six weeks.

"We will take our personnel and customers into consideration in the change plans to the best of our ability. Despite the plans, we will serve our customers as normal both at Stockmann Itis and at our other department stores: in the Helsinki city centre, Jumbo and Tapiola in the Helsinki metropolitan area, as well as in Turku, Tampere, Riga, Tallinn and on Stockmann.com," Lyly adds.

If materialised, the planned department store closure would not have a material impact on the profitability or financial position of the Stockmann division or Lindex Group.

Further information:
Riku Lyly, Chief Operating Officer of Stockmann division tel. +358 50 593 2457

Group Communications, MediaDesk
tel. +358 50 389 0011
info@stockmann.com

LINDEX GROUP plc

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Principal media

Stockmann is a marketplace for a good life, founded in 1862. Its department stores are known for high-quality selections of fashion, beauty and home brands. In the Baltics, Stockmann also offers quality food and beverages. Stockmann has eight department stores in Finland and the Baltics and an online store stockmann.com. Stockmann is part of Lindex Group plc, which is listed on Nasdaq Helsinki and had a turnover of EUR 952 million in 2023.

Lindex Group plc is an international multichannel retail group with two divisions: Lindex and Stockmann. Lindex is a global fashion company with a purpose to empower and inspire women everywhere. Its three strong categories include women's and kids' wear as well as lingerie, where it is a market leader in the Nordics. Stockmann is a premium multi-brand retailer with department stores in Finland and the Baltics. Its purpose is to be a marketplace for a good life. In 2023, the Lindex Group's revenue was EUR 952 million and it had some 5 800 employees. The Group's roots lie in the Stockmann company founded in 1862 and its shares are listed on the Nasdaq Helsinki Ltd. in Finland. www.lindex-group.com