Tue, 17 Mar, 2015 01:28:41 AM FTimes-Xinhua Report, Mar 17
The sale price is a million euros and includes 31 department stores in high street and shopping mall locations under Anttila Oy's two brands, Anttila and Kodin 1, as well as the brands' associated websites. The buyer, 4K Invest, is registered in Luxembourg but is managed out of Munich, Germany.
The announcement by Kesko marked the second major downsizing on the Finnish retail scene this year following the news about the Stockmann company planning to reduce operations and possibly close its department store in Oulu. The Anttila and Kodin 1 stores employ 1,500 people in Finland. Anttila was founded by Kalle Anttila in 1950s as the first budget department store and the first low cost mail order house in Finland. Kesko purchased Anttila in 1996. Kesko CEO Mikko Helander said in a press release on Monday that the sale would provide a good framework for developing the chain. More News
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