Verkkokauppa.com has completed its change negotiations
Verkkokauppa.com has completed its change negotiations
Verkkokauppa.com Oyj STOCK EXCHANGE RELEASE 9 March 2023 at 14.00 a.m. EET
On January 16, 2023, Verkkokauppa.com Oyj announced that it would adjust its business to meet the declined demand and launched a profit improvement program. As part of the profit improvement program, change negotiations were initiated in accordance with the Co-operation Act in order to reform the organization’s structures and align the number of personnel and costs to the prevailing demand situation. The negotiations have covered the entire personnel of Verkkokauppa.com Oyj. At the start of the negotiations, it was estimated that potential redundancies, part-time work and essential changes to employment contracts would affect a maximum of 110 persons.
As a result of the negotiations, the workforce in Verkkokauppa.com is reduced by 75 employees. The reduction number does not include employment relationships that have ended during the negotiations. In addition to personnel reductions, the company will temporarily lay off all company officers, senior officers and management, for a period of approximately 14 days. At the end of the employment relationship, the company offers all dismissed persons, regardless of the length of their employment, a change security package that includes e.g. personal career coaching, change training and employment services.
The personnel reductions are estimated to bring annual savings of EUR 5-6 million in personnel costs. Of the savings, EUR 3-4 million are expected to be realized in the second half of 2023 and in full in 2024. The costs of the measures are estimated to be approximately EUR 1.3 million. The costs will be recognized in the second quarter of 2023 and are expected to be fully realized during 2023.
Verkkokauppa.com Oyj
More information:
Panu Porkka, CEO, Verkkokauppa.com Oyj
panu.porkka@verkkokauppa.com
Mikko Forsell, CFO, Verkkokauppa.com Oyj
mikko.forsell@verkkokauppa.com
Tel. +358 50 434 2516
Marja Mäkinen, Head of Investor Relations and Corporate Communications, Verkkokauppa.com Oyj
marja.makinen@verkkokauppa.com
Tel. +358 40 671 2999
Verkkokauppa.com empowers its customers to follow their passion by providing a wide product assortment of around 90,000 products. Verkkokauppa.com Oyj serves its retail and corporate customers through its webstore, megastores, kiosk and network of collection points as well as fast deliveries and various services. As Finland’s most popular and most visited domestic online retailer, its deliveries cover around 75 percent of the Finnish population within the next day. The Company has four megastores: in Oulu, Pirkkala, Raisio, and Helsinki, where its headquarters is also located. Verkkokauppa.com employs more than 750 people and its shares are listed on the Nasdaq Helsinki stock exchange with the ticker VERK.
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