Stockmann's co-determination negations concluded on temporary lay-offs
Stockmann has concluded co-determination negotiation regarding temporary lay-offs in Finland. As a result, Stockmann's personnel in the Department Store Division and the Group Administration in Finland will change their 24-day holiday bonus into paid 12 days off. Alternatively, the company will temporarily lay off the employees for 12 working days. The temporary lay-offs were decided to not affect employees working at the warehouses due to the strongly growing sales in Stockmann's online store.
The target with the measures is to achieve savings of approximately EUR 7 million by summer 2014. The temporary lay-offs are due to production-related and economic reasons, particularly due to Stockmann's declined earnings in Finland. The initial proposal of the employer was to lay off all personnel in Finland for 12 working days.
Read more on the Stockmann's cost savings programme for 2013-2014.