Verkkokauppa.com Oyj: Verkkokauppa.com's change negotiations completed - the organization is renewed to improve operational efficiency

Verkkokauppa.com's change negotiations completed - the organization is renewed to improve operational efficiency

Verkkokauppa.com Oyj STOCK EXCHANGE RELEASE 23 October 2024 at 10:00 a.m. EEST

On 29 August, Verkkokauppa.com announced its plan to renew and streamline its organizational structure. The target is to ensure profitable growth, sufficient and correct resources for advancing strategic projects, the development of purchasing and assortment management, and the ability to utilize technology more extensively in the organization. The change negotiations that started on 4 September 2024 covered approximately 220 people. At the beginning of the negotiations, the planned measures were estimated to lead to the termination of up to 45 persons' employment.

As a result of the change negotiations, the number of personnel will be reduced by 33 employees. In addition to this, 7 employment contracts ended during the negotiation period, which will not be filled. The company offers all dismissed persons, regardless of the length of their employment, a change security package that includes e.g. personal career coaching, change training and employment services.

The personnel reductions are estimated to bring in annual savings of EUR 2.5 million in personnel costs. The savings are expected to materialize in full in 2025. The costs of the measures are estimated to be approximately EUR 0.9 million. The costs will mainly be recorded in the fourth quarter of 2024.

Verkkokauppa.com Oyj

For further information, please contact:
Panu Porkka, CEO, Verkkokauppa.com Oyj
[e-mail]

Jesper Blomster, CFO, Verkkokauppa.com Oyj
[e-mail]
Tel. [phone]

Marja Mäkinen, Head of Investor Relations and Corporate Communications,
Verkkokauppa.com Oyj
[e-mail]
Tel. [phone]

Verkkokauppa.com is a leading Finnish consumer electronic and home & leisure product retailer serving consumer and business customers online and through four megastores. We strive to accelerate the online transition of retail by surpassing customers' expectations every day. Verkkokauppa.com was founded in 1992 and caters around 80 million annual online visitors with a cost-efficient and scalable business model. Verkkokauppa.com's revenue in 2023 was EUR 503 million and it employs around 600 sales and retail professionals. Verkkokauppa.com is listed on the Nasdaq Helsinki Stock Exchange (VERK).