Thursday, March 5, 2009

Retailers go bankrupt in Tallinn

Businessmen Urmas Sõõrumaa and Gunnar Kool’s plan was to establish one of the leading luxury clothing and accessories’ chain in Eastern Europe. However, this ambition failed last week when the court started the bankruptcy process of Versus Invest.

Versus Invest operated ten stores via franchise selling clothes and accessories by Hugo Boss, Joop, Calvin Klein and Zegna. Six of them were in Estonia, one in Latvia and three in Belorussia.

Bankruptcy was likely caused by the economic downturn, since people buy less luxury goods. According to the plan, Versus Invest was supposed to open ten new stores during 2009.

Versus’ problems became obvious in February 2009, when Tallinn Airport arrested the assets of Hugo Boss stored and sent a bankruptcy warning.
BBN

3 comments - React:

Remo said...

How come there is no French translation of this post? Am I supposed to understand that les petits Français would not be interested in buying a Hugo Boss, or, even better, an Ermenegildo Zegna suit, at a soon-to-be 80 or even 90% discount? :-)

Remo said...

How come there is no French translation of this post? Am I supposed to understand that les petits Français would not be interested in buying a Hugo Boss, or, even better, an Ermenegildo Zegna suit, at a soon-to-be 80 or even 90% discount? :-)

Guillaume said...

I do not always translate my post. Some are unique :)