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In Latvia will close ''Cubus'', ''Bik Bok'' and ''Dressmann'' all stores
BC, Riga, 23.08.2013.
Print version
Print versionNorwegian clothing retail company Varner Gruppen has announced its plans to exit the Latvian market next year and close down all of its its ''Cubus'', ''Bik Bok'' and ''Dressmann'' clothing stores, the business information portal Nozare.lv was informed by Varner Baltija Ltd. spokesman Edmunds Mozeiko.
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''Yes, unfortunately this is true. The Varner Gruppen concern intends to leave the Latvian clothing market. 106 people will lose their jobs,'' Mozeiko said, adding that the company's subsidiary Varner Baltija will also be liquidated.
At the moment, there are eight ''Cubus'', three ''Bik Bok'' and three ''Dressmann'' stores in Latvia, which will also be closed down by March of next year.
According to Firmas.lv, Varner Baltija increased profits by 50.2 percent last year to LVL 200,346. However, the company posted substantial losses in 2010 and 2009.
Varner Baltija Ltd. was established in 1994, and opened its first ''Dressmann'' store in Riga in 1995.
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