The Finnish Stockmann retailer planned to close three of its eight stores with the same name in Russia.

      It is planned to close Stockmann department stores located in MEGA shopping centres in Moscow Oblast by the end of 2016. After that  the company intends to focus on the development of the remaining two stores of Stockmann in Moscow located close to the city centre, as well as in St. Petersburg and Yekaterinburg.

      In addition, Stockmann Group intends to close a network of 19 stores of the Lindex brand (in Russia) belonging to it. Such measures are taken by Stockmann within the program of costs reduction with the purpose of reducing annual costs by 50 million euros. The revenue of Stockmann in 2014 fell by 9.4 percent compared with the previous year - down to 1.8 billion euros. Besides, the net loss grew twofold. In August of last year Stockmann announced the closure of up to 80 percent of stores in Seppala network of clothes stores in Russia belonging to the Group until the end of 2014. The reason was their unprofitability. The company expects to close the remaining 16 stores until 2016.