Kesko divests the troubled home and furniture chain Anttila with 23 department stores to the German investment fund 4K Invest.
”A good basis for the development of Anttila’s operations,” says Kesko President Mikko Helander.
Kesko announces that it has decided to sell Anttila Oy’s share capital to 4K Invest, an investment fund registered in Luxembourg and managed in Munich, Germany, for 1 million EUR. The transaction includes all assets and liabilities in Anttila Oy.
Anttila operates 23 Anttila department stores, eight Kodin1 department stores, the online stores NetAnttila.com and Kodin1.com in Finland, subsidiaries in Estonia and Latvia, as well as the company’s central functions in Finland.
”Remember that Anttila has made losses of tens of millions lately,” says Kesko’s corporate communications director Lauri Peltola to Yle regarding the low sale price.
Kesko indicate a loss of 130 million EUR on the deal. The Group closed eight Anttila and four Kodin1 stores last year.
”This is the best solution considering Anttila’s future. The most important thing is that Anttila has a new owner, who has experience and can develop Anttila,” says Peltola.
Anttila’s net sales last year was 324 million EUR with an operating loss of 64 million, excluding non-recurring items.
“The transaction is fully in line with our ambition to be a more focused operator. The enhancement measures we introduced last year to improve Anttila’s profitability have progressed as planned and the transaction which has now been decided will provide a good basis for the development of Anttila’s operations,” says Kesko President and CEO Mikko Helander.
Kesko will record an approximately -130 million non-recurring item for the first quarter of 2015 relating to the financing, working capital and fixed assets of Anttila.
In the last years the management of 4K Invest has completed the restructuring and IPO of Adler Modemaerkte, Germany, and Zielpunkt Austria and Woolworth Austria have been restructured by the team.