Finnish fashion group Stockmann has announced it will sell and lease back department store properties in its portfolio as part of its restructuring plan.
The company announced Monday that its restructuring programme is based on the continuation of its department store operations and the sale and lease-back of department store properties located in Helsinki, Tallinn and Riga.
The group also confirmed it would retain its Lindex brand despite speculation in the past year that it could sell it off.
Altogether, Stockmann said it aims to cut 20 percent of unsecured debts while reserving its creditors the right to convert this 20 percent share of the restructuring debt into the company’s series B shares.
Photo credit: Lindex, Facebook