Finland's iconic chain of department stores, Stockmann Oyj, has filed for debt restructuring amid coronavirus. The retailer lost a third of its market value after it filed for debt restructuring as the coronavirus pandemic wiped out demand for its wares. Stockmann was already struggling to revive its business before the virus hit. "The unprecedented situation caused by the coronavirus has led to an extreme decline in customer volumes, depleting the company's cash in hand," Chairman Lauri Ratia said, adding that online sales couldn't compensate for the drop in footfall.

press release: Stockmann plc has decided to file for corporate restructuring

full article: Finland's Best Known Department Store Sinks on Restructuring