Stockmann sells Rīga and Tallinn malls to Estonian group

The Finnish retailer Stockmann has sold the shopping malls in Rīga and Tallinn for EUR 87 million to the Estonian energy conglomerate “Vira Keemia Grupp” (VKG), according to the company's statement to Nasdaq December 29.

Stockmann is set to use the proceeds to reduce debt burdens and the malls will continue work as usual.

Stockmann's department store in Tallinn was opened in 1996, while the Rīga store was opened in 2003.

In 2020, Stockmann worked with a turnover of €26,459 million in Latvia, which is 34.9% less than a year earlier and the shop suffered losses of €2.148 million as opposed to profits in 2019, according to information from Firmas.lv. The company's share capital is EUR 2.775 million. Stockmann is wholly owned by Stockmann, registered in Finland, founded in 1862.

In total, there are eight Stockmann department stores in Finland and the Baltic States, as well as an online shop.

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