EU – Baltic States, Latvia, Legislation, Markets and Companies, Retail

Previous reports indicate that the Finnish household and office goods retailer has submitted a bankruptcy notice on September 18, 2013. The company representatives explained that the reason for bankruptcy was dwindling revenue and inability to raise funding to continue.

Information provided by Firmas.lv indicates that the liquidation process has been initiated on May 13, 2014, but on May 27, the company changed its name from Tiimari Latvia to VLTN Latvia.

Zaharova indicates that former Tiimari outlets have been closed since May 1. "The decision about closing was made at the beginning April. It was made by the company's owner Tiimari Retail Oy, which submitted a bankruptcy notice in September, 2013."

Zaharova also mentioned that in Latvia a total of 24 employees were working at Tiimari Latvia, the majority of whom found jobs elsewhere, the rest either emigrated or applied for jobs in other Latvian companies.

Recent information indicates that there have been attempts to sell the company, however, unsuccessful. Zaharova says that the business will have to be shut down not only in Latvia, but in rest of the Baltic States as well.