River Island and Esprit Stores to Close Down in Russia

Wed 01 Oct 2014 00:38 GMT | 04:38 Local Time

Text size: bigger smaller

All Russia-based Esprit, OVS and River Island retail stores are planning to close down, as stated by a representative of its management company “Maratex”.

“The company is terminating its work”, he announced without having specified any reasons, RIA Novosti reports.

71% of "Maratex" is owned by the Polish EM & F Group, which operates predominantly on the East European markets.  At the end of 2012, the company was running 64 Russia-based retail stores with a total operating area of 23,321 square meters.

EM & F Group’s business in Russia is reported to have been affected by currency fluctuations. In 2014, the company’s conversion-related losses have almost doubled, taking its toll on the company’s budget and operational resources.

News.Az

Printer

Commentary

Most read articles

More from World

In The Region

Editor's Picks

Azerbaijan Cuisine

Explore the food of Azerbaijan - from sherbet to succulent kebab, from baklava to fragrant pilaff

Follow us

Find us on Facebook

Real estate

Virtual karabakh