Stockmann Oyj Abp: The Arbitration Court has today passed an arbitration decision in a dispute between LähiTapiolan Keskustakiinteistöt Ky and Stockmann

2022-08-31 12:00:00

STOCKMANN plc, Inside Information 31.8.2022 at 13:00 EET

A decision has been received by the Arbitration Court in a dispute between LähiTapiolan Keskustakiinteistöt Ky and Stockmann regarding damages for the termination of the lease of business premises located in the department store in Tapiola.

In 2021, LähiTapiolan Keskustakiinteistöt Ky initiated arbitration proceedings against Stockmann, in which it claimed up to EUR 43.4 million compensation in accordance with section 27, subsection 1 of the Restructuring Act. The administrator of the restructuring proceedings disputed the demand of LähiTapiolan Keskustakiinteistöt Ky in the restructuring programme to the extent that it exceeds EUR 3.5 million.

The Arbitration Court has in its arbitration decision partially rejected the claims of LähiTapiolan Keskustakiinteistöt Ky and confirmed that the compensation to be paid to LähiTapiolan Keskustakiinteistöt Ky is EUR 19.3 million. The compensation to be paid is Stockmann's restructuring debt. The Arbitration Court's decision is final and cannot be appealed.

Further information:
Jukka Naulapää, Chief Legal Officer, tel. +358 9 121 3850

www.stockmanngroup.com

STOCKMANN plc

Jari Latvanen
CEO

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