English
Published: 2009-10-08 09:11:41 CEST
TKM Grupp
Company Announcement
SELVER INTENSE TO FREEZE ITS ACTIVITIES ON LATVIAN RETAIL MARKET
A-Selver AS is planning to freeze the activities of its subsidiary
Selver
Latvia SIA, which was created two years ago for operating on the
Latvian retail
trade market. The sudden deterioration of the economic
environment of Latvia
has brought losses to Selver Latvia SIA that mean the
company has been unable
to meet the expectations it had at the time the
decision to expand to the
Latvian market was made. The loss made by SIA Selver
Latvia in 2007 was 2
million kroons and the loss in 2008 amounted to 18
million kroons. The net loss
made by the company this year may be as high as
100 million kroons (6.4 million
euros). 

Selver Latvia SIA owns six
operating stores the first of which was opened in
December 2008. A-Selver AS
intends to freeze the activities of its subsidiary
Selver Latvia SIA by
closing all six stores in Latvia and laying off 220
employees. 

Detailed
information about the further action plan of Selver Latvia SIA and the
one-off
costs associated with the freezing process will be published through
the stock
exchange system this year. 

Raul Puusepp
Chairman of the Board
Phone +372
731 5000