The Stockmann department store in Oulu employs around 230 people, 90 of them on full-time contracts. The company says it is "considering" closure and has announced plans to start co-determination talks with employee representatives.
The three stores in Russia scheduled to be closed are located in Megashopping centres in the Moscow region.
Stockmann's Lindex subsidiary is also planning to shutter its 19 shops in Russia.
The Stockmann Group has announced a streamlining of operations in order to turn its earnings performance around. The plan includes an annual cost savings target of 50 million euros. It announced Friday that its 2014 consolidated revenue was 1 844.5 million euros, down from the previous year by 9.5%, or down 5.5% at comparable exchange rates.