23:36 GMT +3 hours01 July 2016
Live
Business

River Island and Esprit Stores to Close Down in Russia

Business
Get short URL
019800

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”.

MOSCOW, September 30 (RIA Novosti) - 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.

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.

Tags:
financial losses, retail stores, River Island, Esprit
Community standardsDiscussion
Comment via FacebookComment via Sputnik
  • Сomment
Top stories