April 30, 2019 / 6:16 AM / 5 months ago

Finland's Stockmann to cut up to 160 jobs; first-quarter loss narrows

April 30 (Reuters) - Finnish retail group Stockmann Oyj Abp said on Tuesday it would be laying off up to 160 employees as part of a cost reduction plan, after it reported a narrowing of loss in the first quarter.

The company will start cooperation negotiations with its Finnish employees, resulting into a reduction of a maximum of 160 positions in Finland, it said in a statement.

It expects to reduce costs by at least 40 million euros ($44.71 million) until spring 2021.

The company said the negotiations are part of its reorganization plan the aim of which is to combine Stockmann Retail and Real Estate business segments.

Stockmann reported on Tuesday first quarter adjusted operating loss at 21.4 million euros, compared to a loss of 24.8 million euros in the first quarter of 2018.

Struggling with the lowering demand due to customers switching to online shopping, in 2018 Stockmann sold all of its remaining operations in Russia. ($1 = 0.8947 euros) (Reporting by Boleslaw Lasocki in Gdynia; Editing by Rashmi Aich)

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