TeliaSonera seeks to weed out Veikon Kone

Finnish media is reporting that that a preliminary agreement has been struck where five of the largest retail shops of the home appliances focused retail chain Veikon Kone Oy will be sold to Expert AS, which is owned by private investment company Awilhelmsen AS. Veikon Kone is currently owned by Swedish telecommunications firm TeliaSonera Ab (OMX: TLSN). TeliaSonera has been rueing slipping sales and continued losses at Veikon Kone. Negotiations are ongoing regarding the remaining 11 stores. All 65 employees at the shops in Aleksanterikatu, Helsinki and in Tampere, Turku, Raisio and Lohja will move to Expert. The deal needs to be approved by the competition authorities before closure.