The troubled clothing company Baltika informed the stock exchange on Monday the court has approved the company's reorganization plan.
Flavio Perini, Baltika's new CEO said: "We now have the support of banks, investors, creditors and the court to implement a strategic turnaround. Baltika has been, and will continue to be, an important part of the Estonian economy and we will concentrate all our efforts on making the company profitable."
The regulation approving the plan is immediately enforceable. Creditors have the right to challenge the ruling within 15 days of receiving the ruling.
"We are certainly reversing key areas of the company to respond faster, be more modern, more flexible and thinner in structure. We are actively working on a product portfolio that is more youthful, stylish and cool and attracts the attention of customers. a shopping environment that ensures a great experience for all of us customers around the world," said Perini.
"Certainly, as other large retailers have already done, we are taking the necessary steps to evaluate our physical store network and boost international sales through all channels. I am confident that we will soon be able to become profitable, which could be the first major sign of international growth."
Baltika Group is the largest clothing design company in the Baltics, owning 79 stores in Estonia and neighboring countries and employing 495 people across the group. Baltika Group develops and operates clothing brands Monton, Baltman and Ivo Nikkolo.
Editor: Helen Wright