Company briefs - 2007-03-07

  • 2007-03-07
Wal-Mart, the U.S. retail behemoth, may enter the Baltic market sometime in the next decade, the Latvian Traders Association announced last week. "During the next three years Wal-Mart is not planning any activities in the Latvian market, though it does show an interest and would like to launch its operations here," association head Henriks Danusevics said, adding that Wal-Mart could arrive in 2012-2015. Danusevics recently met with Wal-Mart representatives, who are planning to visit Latvia later this year.

Irish budget-carrier Ryanair signed a protocol of intent with Estonia's Ministry of Economy and Communications on a possible flight framework, price mechanisms and even the construction of a low-cost terminal. The protocol reportedly states that Ryanair would not receive any price discounts, as it does in Riga, compared with other airlines but would however get a low-cost terminal. Ministry and airline officials discussed potential routes, including London, Dublin, Stockholm, Frankfurt, Bremen, Dusseldorf, Verona and Milan.

The struggling Alytaus Textile, a state-owned and operated cotton producer in southern Lithuania, was forced to halt output after workers went on strike as a sign of protest over the government's decision to sell the company. CEO Valdas Araminas reacted by tendering his resignation. "I do not see any sense [in staying here], the situation is grave," he told BNS. "On [March 1] we will notify our customers in writing that we are no longer able to fulfill their orders since we are short of working capital." Alytaus Textile employs 1,300. Wage arrears amount to some 4 million litas (1.1 million euros). The state announced in February it would sell its 69.5 percent stake.