Listed Estonian garment seller AS Baltika on March 25 submitted an application for the commencement of reorganization proceedings to Harju County Court, and on Thursday the court decided to initiate reorganization proceedings.
"Baltika will continue daily business operations and in parallel will start reorganization to ensure the company’s sustainability. We have to admit, that COVID-19 crises in our home markets in Estonia, Latvia and Lithuania has drastically impacted fashion sales, which has led us to temporary payment problems," Baltika CEO Mae Leyrer ...
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