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.