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RTV-Yhtymä to reduce store network in Finland after corporate restructuring

Saturday 5th 2024 on 13:19 in  
Finland

RTV-Yhtymä Oy, a specialized retailer in paints and surface materials, is set to reduce its store network after filing for corporate restructuring. The Pirkanmaa District Court approved the company’s restructuring application on Thursday, October 3. According to CEO Mikael Forss, the initial step involves developing a restructuring plan, which must be submitted to the court by February 3, 2025. Lawyer Klaus Majamäki has been appointed as the investigator for the restructuring program.

While the specific personnel impacts of the restructuring are currently unclear, Forss indicated that a reduction in the number of stores is likely. He remains optimistic, believing that an anticipated economic recovery in Finland next year will aid the company in regaining stability.

“The market is expected to start recovering probably in the fall of 2025 or the following year, which brings some light at the end of the tunnel. Once we get these restructuring measures approved and finalized, along with negotiations with creditors, we will have a clearer path forward,” Forss stated.

RTV, based in Riihimäki, operates stores in numerous locations across Finland and employs approximately 600 people.

Source 
(via yle.fi)