Estonia, Markets and Companies, Retail

Janeka Seli, the company's regional manager, said that the company will stop all sale and business activity in Estonia. "The reason is a business decision," she told.

The Pier was founded in 2007, the company is owned by The Pier Holding ehf, registered in Iceland.

Last financial year, the company's revenue rose 0.5% on year to 1.1 mln euros, while The Pier's net profit declined from 111,000 euros to 105,000 euros.

As of the end of the ended financial year, the company's equity capital was negative and not in accordance with the Commercial Code. The company's management board proposed to the owners that net assets be restored with an additional monetary contribution.

During the financial year that ended at the end of February, there were 18 people working at the company.

The company's management board includes Willemien Louise Frederique Van Dam, Edite Skrastina and Asta Velyvyte. The first two board members are also members of the management board of the Estonian arm of interior and home products retailer Jysk.