Reference is made to the Q1 2020 interim report and presentation published by XXL ASA (“XXL” or the “Company”) on 29 April 2020. As stated therein, XXL is working on a number of initiatives to improve the sales trend and to adjust its cost base to current sales volumes and market conditions, including to right size its organisation and thereby reduce the cost base. As part of this, XXL has resolved to initiate a process to reduce its workforce at the headquarter in Norway by around 45 employees, representing around 20 per cent of the headquarter and Group functions staff in Norway. In Sweden formal procedures regarding potential dismissals in HQ functions are about to be initiated. In Finland the cooperative procedure regarding dismissals at the HQ are about to be initiated.
"This is not an easy decision to make, and we are grateful for the good dialogue and understanding from our employee representatives. We will ensure a transparent and fair process and to support everyone affected. I would like to express my gratitude to all employees in XXL for the efforts they have made and are making through these challenging times, but the market conditions force us to reduce our cost base. We believe that the new organizational structure will lay the foundation for a stronger, more effective company in the years to come," says CEO Pål Wibe.
About XXL ASA
XXL is a leading sports retailer with stores and e-commerce in Norway, Sweden, Finland, Denmark and Austria. It is the largest among the major sports retailers in the Nordics with more than 5 500 employees. XXL pursues a broad customer appeal, offering a one stop shop experience with a wide range of products for sports, hunting, skiing, biking and other outdoor activities. XXL’s concept is to have the largest stores with the best prices and the widest assortment of products, focusing on branded goods.
For queries, please contact: Press contact Norway:
Press contact Norway:
Marte Ramuz Eriksen
Email: presse@xxl.no
Phone: + 47 952 21 425
Press contact Sweden and International
Anders Andrén
Email: press@xxl.se
Phone: +46 76-133 99 40
Investor Relations
Tolle O. R. Grøterud
XXL ASA
Tel: +47 90 27 29 59
E-mail:ir@xxlasa.com