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News

Baltika fashion group files for bankruptcy and will lay off all employees
Baltika, an Estonian clothing company with a history spanning nearly a century, has filed for bankruptcy after years of financial struggles. The decision follows a failed restructuring attempt and the cumulative impact of tough economic conditions in the Baltic retail market.

The move results in the layoff of 120 employees across its operations in the Baltics, in Estonia, Latvia and Lithuania, as the company prepares for a gradual closure of its retail stores.

While the wider company faces liquidation, Baltika's parent company, ELG, retains ownership of the last remaining brand, Ivo Nikkolo and says that it may attempt to revive the Ivo Nikkolo brand via wholesale and e-commerce in other European markets in the future. 

Read more at Baltic News
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