SIA 'Skai Baltija', which operates the supermarket chain 'SKY', has filed for bankruptcy as it struggles to compete with larger foreign capital store chains. The company's management has indicated that the ongoing price war with these larger competitors has become unsustainable. In addition, the difficult geopolitical situation in recent years has significantly increased its operating costs, prompting the decision to undergo bankruptcy proceedings to ensure a transparent resolution of liabilities.

'sKY' was founded over 25 years ago with a strong commitment to quality, focusing on collaboration with small and authentic producers rather than mainstream brands to provide unique products to its customers. This approach has not only differentiated the brand in a competitive market but has also contributed to the Latvian state budget with over 63 million euros in contributions during its operation.

The filing highlights the broader issues facing local businesses in Latvia as they navigate increasing competition from international chains and rising operational costs. It raises concerns about the viability of local enterprises and the potential loss of unique market offerings as they struggle against dominant foreign competitors.