Stockmann has completed the sale of the Academic Bookstore business to the Swedish media company Bonnier Books AB.
”We will continue to be a quality bookshop,” says the new CEO Bo Holmberg.
The transaction has been approved by the Finnish Competition and Consumer Authority, and the transfer of business will take place on 1 October 2015.
A letter of intent was announced on 18 June 2015. The acquisition of the Academic Bookstore includes six stores in Finland with a flagship in the center of Helsinki, as well as stores in Tapiola, Itis, Jumbo, Turku, Tampere and Oulu. Stockmann has previously decided to close the store in Oulu. Through the acquisition, Academic Bookstore becomes a separate subsidiary of Bonnier Books currently active in the publishing, e-commerce, distribution, and book clubs. Academic Bookstore is thus a sister company of Bonnier Books Finland.
Bo Holmberg, acting president of the Academic Bookstore, has already begun its mission. Holmberg has a long history of Akademibokhandeln chain in Sweden, where he later worked as Business Unit Manager and Sales Director.
“After many months of preparation, we look forward to working with and developing the Academic Bookstore. It is a very storied bookstore that has a great potential to do well in the market by having a strong customer offering. Academic Bookstore has an established brand and stores with very knowledgeable staff. We will continue to be a quality bookshop with a wide range of books, supplemented with paper and office supplies. We want to develop the stores to become a natural meeting place by providing inspiration, tips and ideas, and make it easy for customers to find in stores and easy to shop,” says Bo Holmberg.
Academic Bookstore was founded in 1893 by Alvar Renqvist and Gösta Branders and has been part of the Stockmann Group since 1930.
“We are very pleased that the Academic Bookstore is now part of our group. We see long term in the Finnish market and we believe in literature, but is also aware of the challenges facing the industry. Academic Bookstore is an important part of Finnish cultural life and fits well into our strategy to drive both publishing houses, such as physical bookstore and e-commerce. ” says Jacob Dalborg, CEO Bonnier Books.