NoHo Partners begins co-operation negotiations on continuing temporary layoffs due to uncertain market situation
NoHo Partners Plc
INSIDE INFORMATION 15 MAY 2020 at 10:00
NoHo Partners begins co-operation negotiations on continuing temporary layoffs due to uncertain market situation
On 13 March 2020, NoHo Partners announced it would start temporary layoffs, of 90 days at most, in order to minimise the negative financial impact of the coronavirus (COVID-19) on its business. The current temporary layoffs concern nearly all of the Group’s employees, which comprises about 1,300 people. The layoffs are estimated to continue until the end of June 2020.
Due to the uncertain market situation NoHo Partners will begin co-operation negotiations on continuing layoffs. The purpose of the negotiations is to predict the financial and production impacts caused by the coronavirus and adapt to the changed operating environment. The measures may result in full-time or part-time layoffs of personnel for a fixed term of no more than 90 days. The negotiations concern all of the Group’s employees in Finland.
“We are preparing to gradually start operations on 1 June. The main principles that guide our actions are the safety of our personnel and customers, the profitability of operations and employing our personnel as much as is feasible. Uncertain market conditions and unclear official restrictions create a challenging operating environment. Now, we are trying to find flexible and functional operational models together with our personnel,” says Aku Vikström, CEO of NoHo Partners.
The negotiations will commence on 20 May 2020, and they are estimated to last two weeks. The full extent and duration of the layoffs will be determined later.
More information available from:
Aku Vikström, CEO, NoHo Partners Plc, tel. 5
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. 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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