HELSINKI, Finland, Jan. 2, 2017 /PRNewswire/ -- Hobby Hall's business operations have been transferred to the new owner, the Finnish SGN Group, on 1 January 2017. The transaction was completed according to a letter of intent, announced in a stock exchange release on 28 April 2016.
The transaction price does not have a significant effect on Stockmann's earnings, but the divestment will improve Stockmann's profitability. Following the divestment, Stockmann is concentrating on its core businesses, which are Stockmann Retail (department stores and online store), Real Estate and Lindex.
Hobby Hall's revenue in 2016 was approximately EUR 72 million. The operating result in 2016 will be reported as a part of Stockmann's Financial Statements Bulletin, which will be published on 15 February 2017. As part of the transaction, approximately 150 Hobby Hall's employees were transferred to SGN Group. Hobby Hall's logistics and warehouse functions were transferred to Posti on 1 May 2016.
Jukka Naulapää, Director, Legal affairs, tel. +358 9 121 3850
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SOURCE Stockmann Oyj Abp