The company “Baltika” has been experiencing serious difficulties for many years, and today it has only one brand left — “Ivo Nikkolo”. According to a representative of the owner of “Baltika” — the company “ELG Grupp”, market conditions did not allow for the continuation of the retail strategy, reports nra.lv citing err.ee.
As part of the bankruptcy process, all employees of the group will be laid off in the coming weeks.
The industry, with a history of nearly a hundred years, included five brands — “Ivo Nikkolo”, “Monton”, “Baltman”, “Mosaic”, and “Bastion”.
“Baltika” operated in Estonia, Latvia, and Lithuania. This spring, the company was acquired by the clothing manufacturer “ELG Grupp”.
“We believed in the strength and potential of the brand “Ivo Nikkolo” and still believe that it has eternal value. Unfortunately, market conditions in the Baltic countries do not allow us to continue the retail strategy. Although this chapter is coming to an end, we are keeping the door open for a possible revival of “Ivo Nikkolo” in the future, focusing on wholesale and e-commerce in the broader European market,” said Indrek Rahumaa, a representative of “ELG Grupp”.
Leave a comment