One of Finland's top bookstore chains, Academic Bookstore (in Finnish: Akateeminen Kirjakauppa) will start talks with its employees with the objective of downsizing its staff. The company says it is seeking better profitability, but did not specifically disclose how many workers' jobs are at risk.
"Almost the entire staff of our bookstores will be included (in the negotiations)," the Bookstore's CEO Anne Kariniemi told the news agency STT.
The company's seven locations currently employ 130 people. Negotiations are expected to last six weeks, which indicates that the layoffs could potentially target dozens of people. Only the chain's new store in Jyväskylä will not be affected.
Kariniemi would not reveal how many employees the company was seeking to let go, and she would not comment on whether the process would lead to location closures or possible transfers to smaller retail spaces.
While the operative turnover of the prestigious bookstore chain improved in last year's financial statements, overall the company continues to run at a loss.
Founded in 1893, ownership of the Academic Bookstore was transferred from its previous long-term owner, the Stockmann department store, to the Bonnier Group, a privately-held Swedish media company, in 2015. The flagship store of the chain now pays rent to Stockmann and continues to operate in the department store's premises in Helsinki's city centre.
"The book market is slowly picking up speed again, which is a positive development, and Finns still read a lot as a rule. Even so, there are internal structural changes in the sector and heightened competition between different formats," Kariniemi says.
Helsingin Sanomat was the first media outlet to report on the upcoming Academic Bookstore redundancy talks.