Stockmann Oyj Abp
Stockmann to sell Academic Bookstore to Bonnier Books – books will remain in department stores’ offering to customers

Stockmann Oyj Abp 

18.06.2015 07:30

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Helsinki, Finland, 2015-06-18 07:30 CEST (GLOBE NEWSWIRE) -- STOCKMANN plc,
Company Announcement 18.6.2015 at 08:30 EET 

Stockmann has signed a letter of intent regarding the sale of the Academic
Bookstore business to the Swedish media company Bonnier Books AB. In line with
its strategy, Stockmann's future selection will have a stronger focus on
fashion, cosmetics, food in Stockmann Delicatessen and home products. The
Academic Bookstore will continue as a tenant in the department stores, offering
Stockmann's customers books and related Loyal Customer offers. 

The planned transaction includes the Academic Bookstore store operations,
online store, direct support functions, and assets and personnel related to the
business. The Academic Bookstore will continue its business in the Book
Building in the Helsinki city centre and in other Stockmann department stores
in Finland, apart from Oulu where the store will be closed as previously
announced. The transaction is estimated to take place at the latest on 1
October 2015 and it is estimated not to have a significant effect on
Stockmann's earnings in 2015. 

In line with its strategy, Stockmann is focusing on its key product areas and
complementing its own offering with attractive goods and services from tenants.
Bonnier Books will continue the Academic Bookstore business both in Stockmann's
own and leased premises, and will rent a total of approx. 5 000 sqm of store
space in locations currently used by Stockmann. 

'It was important for Stockmann to find a new owner that is committed to
developing the business with a long-term view and willingness to continue
running the bookstores in Stockmann's department stores. I am confident that
the Academic Bookstore has the best opportunities to strengthen its operations
with Bonnier Books. The transaction will ensure that the business is developed
by a true professional of literature and that the Academic Bookstore will
continue to inspire book lovers in the future,' says Per Thelin, CEO of
Stockmann. 

'Finland is an important market for us in the long run. We are driving the
Tammi and WSOY publishing houses and have successfully launched the Adlibris
online store in Finland. We want to participate and develop the Finnish book
market. We believe in literature, and the Academic Bookstore with its
impressive heritage is a great addition to our operations,' says Jacob Dalborg,
CEO of Bonnier Books. 

The Academic Bookstore's revenue in 2014 was EUR 40.6 million, which was 4% of
Stockmann Retail's total revenue. The Academic Bookstore was founded in 1893 by
Alvar Renqvist and Gösta Branders and it has been a part of Stockmann since
1930. At present the chain has seven stores located in Helsinki city centre
('Book Building'), Tapiola, Itis, Jumbo, Turku, Tampere and Oulu. 

Bonnier Books is one of Europe's largest book publishing houses in e.g.
fiction, children and non-fiction books. It has operations in e.g. Finland,
Sweden, Norway, England, Germany, Poland and France. Bonnier Books is a
sub-group and business area in the media group Bonnier. Founded in 1804, the
company is wholly owned by the Bonnier family and it has operations in 16
countries. In Finland Bonnier Books owns the WSOY, Tammi and ReadMe publishing
houses and the Adlibris online bookstore, among others. 

Further information:
Per Thelin, CEO, tel. +358 9 121 5542
Tove Westermarck, Development Director, tel. +358 9 121 5718
Nora Malin, Director, Corporate Communications, tel. +358 9 121 3558

Bonnier Books:
Jacob Dalborg, CEO, tel. +46 8 696 8001

www.stockmanngroup.com


STOCKMANN plc

Per Thelin
CEO


Distribution:
Nasdaq Helsinki
Principal media
News Source: NASDAQ OMX



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Language:     English
Company:      Stockmann Oyj Abp
              
               
              Finland
Phone:        
Fax:          
E-mail:       
Internet:     
ISIN:         FI0009000251
WKN:          
 
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