STOCKMANN WAS ORDERED TO PAY AN ADDITIONAL 1.69 BILLION FOR THE PURCHASE OF PODIUM MARKET

The bankruptcy of Podium Market (currently Atlas) turned into a nuisance for the Russian fashion retailer. Stockmann was ordered to pay an additional $1.7 billion under the 2017 deal, which the arbitration declared invalid.The retailer acquired 4 real estate objects from the bankrupt company, the rights to the domain name and brands, equipment and inventory. 105.3 million rubles were paid for all of the above.

At the moment, the market value of assets amounted to 1.69 billion. Such an assessment was given by Roseco, engaged by the arbitration court as an expert. It is curious that the court did not demand the return of the purchased property by the buyer. Experts believe that the court did not consider it possible to do this.

Five years ago, the capital's "European" and "Fashion Season" shopping centers became the property of Stockmann. Also, the new owner received the management of the Pushkinsky business center in Kazan and the OZ Mall shopping center in Krasnodar.

Even for a fashion retailer, whose trade turnover last year amounted to 8.4 billion, such an amount can be tangible. The organization ended 2020 with a net loss of 978.7 million rubles and total revenue of 5.67 billion rubles . In 2021, the company's net profit amounted to 104.7 million.

At the beginning of 2022, Vedomosti reported on Sberbank's plans to acquire Stockmann from businessman Yakov Panchenko. And although the terms of the proposed transaction were not disclosed at the time, experts estimated the possible alienation of all assets in favor of Sberbank at 1.5 billion. As a result, the transaction did not take place due to the sanctions imposed on Sberbank.

Recall that Panchenko owns Stockmann since 2015. Then the business in Russia, which had previously been developed by a Finnish company, was acquired for €5 million by Reviva Holdings Ltd, owned by the businessman. Currently, the network includes 12 retail outlets in both capitals, Yekaterinburg and Murmansk. In October, it was planned that the chain would conclude a deal with Global Fashion Group, which would result in the purchase of Lamoda's business in Kazakhstan, Belarus and Russia.

Photo: Wikipedia