World News – FI – NoHo Partners Begins New Cooperation Negotiations and to Provide Further Information on Impact of Restaurant Restrictions on Its Business

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NoHo Partners begins new cooperation negotiations and will provide further information on the impact of restaurant restrictions on its business

NoHo Partners Plc begins negotiations under the Business Cooperation Act to adapt its Finnish operations to the strict restrictions on the restaurant industry put in place by the Finnish government The aim of the negotiations is to minimize the financial impacts caused by COVID-19 and adjust the Group’s costs to match the drop in volume due to restaurant restrictions

The cooperation negotiations concern all Group employees, i.e. around 1,300 employees in Finland The restrictions on restaurants also have an indirect impact on the approximately 2,000 people working for the Group as hired personnel Negotiations will begin on October 5, 2020 and expected to last six weeks Negotiations may result in changes in the organizational structure, temporary part-time or full-time layoffs, the transformation of full-time labor relations into part-time labor relations or layoffs The possible layoffs in the negotiations mainly concern administrative tasks at different levels of the organization Previously, NoHo Partners announced that it had prepared for three different scenarios regarding the development of its operations during the exceptional situation Since the beginning of June , the activity of the company has functio born according to its base scenario in which sales are around 70 to 85% of the level of the previous year Due to the restaurant restrictions put in place by the Finnish government, the Group estimates that it will make the transition to operating its business under the low scenario, in which sales are around 50 to 70% of the level. from the previous year

CEO Aku Vikström: “Today the Finnish government decided that restaurants must stop serving at midnight across the country In areas where the pandemic is accelerating, service must stop at 10 pm These government restrictions will have a huge impact on our catering activities, and we are forced to immediately start adjustment measures, which affect up to thousands of jobs

It is clear that we will still have to learn to live with this virus for some time as no one can say how long the pandemic will continue in light of the recent public debate on social responsibility, which I am asking the Finnish government is transparency and decision-making based on diverse perspectives as we try to strike a balance between protecting human health, the economy and jobs If the layoffs are implemented, the worst-case scenario is that the restrictions will lead to unemployment and exclusion for tens of thousands of people in the industry In Denmark and Norway, where we also operate, restrictions on restaurants have been strict but, at the same time, governments have continuously supported catering, which has had a huge impact on the employment situation in the ‘industry»On March 13, 2020, NoHo Partners announced that it was starting cooperation negotiations regarding fixed-term dismissals On May 15, 2020, the Group announced the opening of negotiations to extend these dismissals More information available from: Aku Vikström, CEO, NoHo Partners Plc, tel 358 44011 1989 Jarno Suominen, Deputy Managing Director, NoHo Partners Plc, tel 358 40721 5655 Distribution: Nasdaq Helsinki Major mediawwwnohofiNoHo Partners Plc is a Finnish group established in 1996, specializing in catering services The company , which was listed on the NASDAQ Helsinki in 2013 and became the first Finnish listed catering company, has continued to grow strongly throughout its history The Group’s companies include some 250 restaurants in Finland, Denmark and Norway The company’s well-known catering concepts include Elite, Savoy, Teatteri, Yes Yes Yes, Stefan’s Steakhouse, Palace, Löyly, Hanko Sushi, Friends & Brgrs and Cock’s & Cows In 2019, NoHo Partners Plc’s turnover was 272 MEUR8 and EBIT MEUR 306 Depending on the season, the Group employs around 2,100 people converted into full-time employees NoHo Partners company website: wwwnoho Consumer website fi / enNoHo Partners: wwwravintolafi / en

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NoHo Partners

World News – FI – NoHo Partners Begins New Cooperation Negotiations and to Provide Further Information on Impact of Restaurant Restrictions on Its Business


SOURCE: https://www.w24news.com

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