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2016-04-06

Clas Ohlson: Clas Ohlson's next step in optimising UK store network

As a next step in the optimisation of the UK store network, Clas
Ohlson announces plans for the closure of seven stores. Clas Ohlson
will focus on accelerating the clustering of new smaller format
stores in the London region.

As part of the next step in the optimising of the UK store network,
Clas Ohlson is planning to close a total of seven store locations
during financial year 2016/17.

"We are in the process of optimising our network of stores in the UK
market to improve long term profitability of our UK business. As part
of this development we are now taking the opportunity to exit a
number of stores that have not met expectations in terms of sales and
profitability. However, our commitment to the UK market remains
solid. It is our intention to continue our expansion by adding new
stores in the London area", says Klas Balkow, President and CEO of
Clas Ohlson.

Closure of five stores are confirmed, being Cardiff and Norwich (June
2016), Doncaster (September 2016), Watford (no later than March 2017)
and the store in Croydon that is closing as a consequence of the
redevelopment of the shopping centre (closure date to be confirmed).
Another two store locations are pending closure subject to
negotiations.

"We will do our best to support affected employees in finding new
employment opportunities, including offering job openings in other
Clas Ohlson units where possible", says Klas Balkow.

Cost related to the restructuring of the UK store network is estimated
to 107 MSEK being booked as a non-recurring item in the fourth
quarter 2015/16. Yearly savings is estimated to 70 MSEK when in full
effect as of financial year 2017/18.

Following the opening of the new smaller format stores in St Albans
and Ealing earlier this year, where omni channel between stores and
e-commerce makes Clas Ohlson's offer more accessible for customers,
the plan is to open an additional one to two stores in the London
area during financial year 2016/17.

Press and analyst telephone conference 6 April 08:30 CET

A press and analyst telephone conference will be held this morning at
08:30 CET where Klas Balkow, President and CEO of Clas Ohlson, will
be available for questions. Please call +46 8 56642664 or +44 20
30089810 to participate.

The information in this press release is such that Clas Ohlson is
obligated to publish according to the Securities Market Act. The
information was submitted for publication on 6 April 2016 at 7:00
a.m. (CET)

For more information, please contact:
Sara Kraft Westrell, Director of Information and Investor Relations,
phone +46 247 649 13

Clas Ohlson was founded in 1918 as a mail order business based in
Insjön, Sweden. Today, the company offers products and services for
the small everyday practical problems, in five countries via its over
200 stores and online. Clas Ohlson offers a wide range of affordable
products in five product areas: Hardware, Electrical, Home,
Multimedia and Leisure. The company is listed on Nasdaq Stockholm,
has sales of over 7.5 billion SEK and more than 4,700 employees.
Visit Clas Ohlson at www.clasohlson.com

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http://news.cision.com/clas-ohlson/r/clas-ohlson-s-next-step-in-optimisi...
http://mb.cision.com/Main/1116/9949804/496976.pdf

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