The arbitral tribunal today issued an arbitration award in a dispute between Pirkanmaan Osuuskauppa and Stockmann

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STOCKMANN plcInside information 25.5.2022 to 1:45 p.m. ET

A decision has been received by the Court of Arbitration in a dispute between Stockman and Pirkanmaan Osuuskauppa concerning damages for the termination of the lease of the commercial premises located in the department store of Tampere.

In 2021, Pirkanmaan Osuuskauppa initiated arbitration proceedings against Stockmanin which she claimed until €5.9 million as compensation, among other things, for the termination of the sublease. Stockman denied the request. The arbitral tribunal, in its arbitral award, essentially rejected the claims of Pirkanmaan Osuuskauppa and ordered Stockman to compensate Pirkanmaan Osuuskauppa 1.5 million euros in damages.

In February 2022the Supreme Court granted Pirkanmaan Osuuskauppa leave to appeal insofar as the appeal relates to the claim for damages arising from the termination of the sublease agreement are a restructuring liability or a liability arising during the course of the corporate restructuring proceedings . Previous court proceedings have treated the potential claim as a restructuring debt.

Further information : Jukka Naulapää, Legal Director, tel. +358 9 121 3850

www.stockmanngroup.com

STOCKMANN plc

Jari LatvanenCEO

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(c) Decision 2022. All rights reserved., sources Press Releases – English

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