XXL ASA announced that with reference to the announcement of 21 December 2022 where the Board of Directors of the Company concluded its strategic review process of XXL?s operations in Austria and decided that the Company shall exit the Austrian market during 2023. XXL ASA is giving an update regarding this process. In addition to the already announced closure of five stores, the E-commerce operation as well as the central warehouse facility, XXL has now, against a termination fee, signed exit agreements with respect to the last three stores in Austria, Mariahilferstrasse, Wiener Neustadt and Klagenfurt.

These three stores constituted around EUR 9 million of the remaining lease obligations. The three stores are scheduled to be closed during 2023. Consequently, XXL will have no operations and no material contractual obligations in Austria after year end 2023.