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Solutions have been searched for in recent months to mitigate economic difficulties, but by now the decision has been made to end operations, member of the board of Cherry Media Andres Susi said in a press release.

"We sincerely apologize to our customers and cooperation partners for having reached a stage where we have to close the company's doors in spite of all our efforts," Susi said. "We are actively working toward our customers who have bought about 4,000 vouchers by now to get their services, are trying to help all the parties and are cooperating with the Consumer Protection Board," he added.

Cherry Media OU is a bargain website operator launched in 2010 which operates the web environment Cherry.ee in Estonia, and Cherry.lv and CityLife.lv in Latvia. At present, the company has commitments worth around 1.2 million euros in Estonia and Latvia.

At the end of last August, the company sold its Lithuanian branch to the branch's management, made changes in the structure of its Estonian and Latvian shareholders, and exited the physical goods business.

The company has not submitted its annual reports to the commercial register since 2013. As on Thursday the company's tax arrears totaled 20,446 euros.