At the turn of the year, Stockmann closes down its loss-making Nike franchising stores in Russia. Stockmann and Nike have agreed on the termination of the franchising agreement on 31 December 2009.
Stockmann's Nike chain comprises seven small stores located in St Petersburg, Nizhny Novgorod, Rostov-on-Don and Novosibirsk. Two stores in St Petersburg will transfer to another company as from 15 December 2009 and the other stores will be discontinued at the turn of the year.
The discontinued stores are of minor importance to Stockmann's business operations. Sales of Nike products in the Stockmann department stores in Finland, Russia and the Baltic countries will continue as before.
marketing@alchempro.com
