Euroset leaves the Baltic states: there is a bad macroeconomic situation

The largest mobile retailer "Euroset" in Russia leaves the markets of Latvia, Lithuania and Estonia. This was reported by "Interfax" with reference to the company's message.

On Wednesday, Euroset signed an agreement to sell its business in the Baltic countries. The Buyer will be a Latvian company, whose name is not disclosed, said the press secretary of Euroset Placks Mandzhikov. The amount of the transaction is also not called.

The company worked in the Baltic states for two years, its units at the time of sale totaled 68 salons.

"The poor macroeconomic situation in the countries of the Baltic region affected the fact that the company's costs to the exit of its branches in the Baltic states in a positive balance were too high," Euroset explains the reasons for leaving the Baltic states. "The task of Euroset is the opening and development of profitable stores," the report says.

Euroset repeatedly turned its business in the markets that did not meet its expectations. So, in the spring of 2007, the company closed its stores in Azerbaijan due to high duties for the import of mobile phones and the contrandifact terminals widespread in this regard. In June of this year, the company stopped working in Uzbekistan.

The company also announced the inefficiency of doing business in Kyrgyzstan and Belarus, but later decided to maintain the presence in the Belarusian market. The issue of leaving Kyrgyzstan continues to be studied.