• Web Developer

    HT Jobs | - Feed Apr 15, 2018 | 14:55 pm

    Web Developer Web Developer familiar with CMS systems (Joomla, WP etc) and fluent with PHP, HTML5, CSS needed for bug fixes and further development of an exciting IT project. Enthusiasm and ability to learn and improve is more important than experience.The job[…]

    Read more...
  • CTO / Lead Developer

    HT Jobs | - Feed Apr 11, 2018 | 15:05 pm

    CTO / Lead Developer An exciting recently funded startup operating in the healthcare IT domain is looking for an CTO to join and lead (hands on) both engineering and web application development of the company.Job descriptionEternAll Sciences is an e-health startup active in Finland[…]

    Read more...
  • Service Coordinator, Vestas Finland, Vaasa

    HT Jobs | - Feed Feb 3, 2018 | 10:57 am

    Service Coordinator, Vestas Finland, Vaasa Do you have a passion for delivering first class administration service to an organization? Do you want to be a part in an ambitious team in a dynamic environment? Then this challenge might be something for you!PositionSERVICE COORDINATOROrganizationVestas Northern Central[…]

    Read more...

Business
Tools
Typography
Seppälä reported an operating loss of 11.7 million euros on net sales of 33.2 million euros in Finland in 2016.
Seppälä reported an operating loss of 11.7 million euros on net sales of 33.2 million euros in Finland in 2016.

 

Seppälä is teetering on the brink of bankruptcy, reports Helsingin Sanomat.

The District Court of Helsinki on Monday confirmed to the newspaper that a bankruptcy petition has been filed against the loss-making fashion chain, which comprises over 70 shops and employs some 270 people in Finland and Estonia. The bankruptcy petition was filed by the Finnish Tax Administration.

Seppälä in March announced it has filed for debt re-structuring in order to secure

the future of its widely recognised brand and decided to shut down 14 of its most loss-making shops following the expiry of their tenancy agreements.

Taloussanomat was the first news outlet to report about the threat of bankruptcy hanging over Seppälä.

Lassi Nyyssönen, the lawyer appointed to oversee the debt re-structuring, said yesterday he requested that the re-structuring process be suspended on Friday. He told Helsingin Sanomat that the decision to suspend the process was made because the business has not developed as expected despite the drastic belt-tightening measures introduced by the management of Seppälä.

Seppälä was acquired from Stockmann in 2015 by Eveliina and Timo Melentjeff. Eveliina Melentjeff, the managing director of Seppälä, said in an interview with Helsingin Sanomat in May, 2015, she felt she had no choice but to try to rescue the fashion chain that had been a fixture of the street scene in Finland since 1930.

“We’re getting into this with passion,” she commented.

Seppälä had sunk deep into the red as clothing sales contracted for five consecutive years before a long-awaited turnabout last year. It was too little too late, however, as the ailing retailer reported operating losses of 11.7 million euros on net sales of 33.2 million euros in Finland and losses of 1.2 million euros on net sales of 5.7 million euros in Estonia in 2016.

Melentjeff conceded last spring that the bloated cost structure was the biggest problem for Seppälä.

“We have to reduce the number of loss-making shops either by adjusting tenancy agreements or by using other measures,” she stated to Helsingin Sanomat on 1 March, 2017.

The cold and rainy summer may have been the final blow for Seppälä.

Helsingin Sanomat writes that all of the 57 shops in Finland and 14 shops in Estonia operated by Seppälä would be shuttered in the event of the bankruptcy. The 270 people employed in the shops are consequently at risk of losing their jobs.

Aleksi Teivainen – HT
Photo: Irene Stachon – Lehtikuva

Finland in the world press

Helsinki Finland Blustery, 11 °C
Current Conditions
Sunrise: 5:47 am   |   Sunset: 8:53 pm
59%     13.0 m/s     34.169 bar
Forecast
Fri Low: 1 °C High: 10 °C
Sat Low: 2 °C High: 8 °C
Sun Low: 3 °C High: 6 °C
Mon Low: 2 °C High: 6 °C
Tue Low: 3 °C High: 6 °C
Wed Low: 3 °C High: 7 °C
Thu Low: 2 °C High: 8 °C
Fri Low: 2 °C High: 8 °C
Sat Low: 2 °C High: 8 °C
Sun Low: 3 °C High: 9 °C

Partners