Change to the cooperation procedure previously announced by NoHo Partners Plc: the company has decided on layoffs without prior cooperation negotiations

NoHo Partners Plc

STOCK EXCHANGE RELEASE 18 March 2020 at 18:15

Change to the cooperation procedure previously announced by NoHo Partners Plc:

the company has decided on layoffs without prior cooperation negotiations

On 13 March 2020, NoHo Partners announced it would commence personnel adjustment measures and negotiations on temporary layoffs affecting its personnel under the Act on Cooperation within Undertakings in order to minimise the negative financial impacts of the coronavirus (COVID-19) on its business operations. The company announced that the measures may result in fixed-term, full-time or part-time layoffs of personnel and that the negotiations would concern all of the Group’s employees in Finland. The company further stated that the negotiations would commence on 18 March 2020 and last an estimated two weeks.

Due to the sudden change in the circumstances of the coronavirus pandemic and the recommendations and orders issued by the authorities and the Finnish Government, the company has made a decision concerning layoffs without prior cooperation negotiations. The layoffs are temporary, with a duration of 90 days at most, and they concern all of the Group’s personnel in Finland, totalling approximately 1,300 employees. The final number of laid-off employees and the duration of the layoffs will be specified further at a later time.

More information available from:

Aku Vikström, CEO, NoHo Partners Plc, tel. 9

Jarno Suominen, Deputy CEO, NoHo Partners Plc, tel. 5

Distribution:

Nasdaq Helsinki

Major media





NoHo Partners Plc is a Finnish group established in 1996, specialising in restaurant services. The company, which was listed on NASDAQ Helsinki in 2013 and became the first Finnish listed restaurant company, has continued to grow strongly throughout its history. The Group companies include some 250 restaurants in Finland, Denmark and Norway. The well-known restaurant concepts of the company include Elite, Savoy, Teatteri, Yes Yes Yes, Stefan’s Steakhouse, Palace, Löyly, Hanko Sushi and Cock’s & Cows. In 2019, NoHo Partners Plc’s turnover was MEUR 272.8 and EBIT MEUR 30.6. Depending on the season, the Group employs approximately 2,100 people converted into full-time workers.



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