Tiimari Plc Stock Exchange Release 15 March 2010 at 13.00 TIIMARI GROUP'S COOPERATION NEGOTIATIONS HAVE ENDED. EFFICIENCY MEASURES BRING ABOUT EUR 2 MILLION ANNUAL SAVINGS Tiimari Group has completed the cooperation negotiations initiated in January. The negotiations affected all personnel of Tiimari Retail Ltd. in Finland and Gallerix Finland Ltd. The end result of the cooperation negotiations affects a smaller part of the personnel than expected due to other efficiency measures found during the negotiation process. In Tiimari Retail Ltd. negotiations were held to increase efficiency in shop operations by 7-9 %. Via several different measures the working hour efficiency improves during 2010 according to targets set, but the working hour reductions related to the cooperation negotiations will be less than 4 % of the total working hours. Currently, one is aware of 5 shops that will be closed during 2010. These shops are located in the capital region and Päijät-Häme region. Total personnel reductions at Tiimari Retail Ltd. will be 18 of which eight are employed at the head office. Negotiations of a maximum of four week lay-offs were held at the Tiimari central warehouse where it was decided to go ahead initially with two weeks gradual lay-offs. In Gallerix Finland Ltd. negotiations were held to cease operations in Finland. As a result of the negotiations, all operations, all three shops will be closed. The two shops located in the capital region will be closed 31st March 2010 and the shop in Lahti will be closed later on. Gallerix personnel reductions will be 10. With the efficiency measures in our domestic operations we will achieve estimated about EUR 2 million annual savings, of which two thirds will be realised during this year. The reduction in the shop network in Finland will lead to increased operative profitability and gradual increase in cash flow during the next two years. “The decision taken will improve our profitability as well as strengthen the competitiveness of the company in the long run”, states CEO Hannu Krook. Hannu Krook CEO Tiimari Plc Further information: CEO Hannu Krook tel. + 358 (0)3 812911, e-mail hannu.krook@tiimari.fi Distribution: NASDAQ OMX Helsinki important news media www.tiimari.com Tiimari Plc is a listed company. The group consists of two retail shop concepts: Tiimari and Gallerix. These two concepts do business in five countries within the Baltic Sea region and there are altogether nearly 300 shops. Both concepts belong to the forerunners of their market segment.
Tiimari Group's cooperation negotiations ended. Efficiency measures bring about EUR 2 million annual savings
| Source: Tiimari Oyj Abp