Following several years of a poor performance for the company's operation in Germany, the Board of Directors of AB Lindex has decided to sell its German stores. The sale is expected to be completed during the 2006/2007 financial year.
"The operation in Germany has not achieved the targets set for it and we are now of the opinion that the return on new investments has a significantly greater potential in Eastern Europe. Our ventures in the Baltic States have been extremely successful and we will open stores in the Czech Republic during the next financial year," says Göran Bille, President and CEO of Lindex.
Lindex currently has 23 stores in Germany. They reported sales of SEK 280M for the 2005/2006 financial year whilst losses amounted to SEK 50M. Lindex in Germany currently has around 135 full-time employees.
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