The shoe retailer 'Euroskor Latvia' will start the liquidation process in the coming month after facing significant financial losses and closing multiple stores last year.
Euroskor Latvia has announced that it will initiate its liquidation process within the next month, although the company has not elaborated on the reasons behind this decision. Previously, the company closed seven retail locations last year, reflecting a shift in its business strategy as it struggled against declining revenue and increased operational losses. Locations affected included stores in Ventspils, Saldus, Madona, Kuldiga, Tukums, and Cesis, indicating a significant pullback from its retail presence across Latvia.
In the management report from last year, it was noted that by the end of 2025, Euroskor Latvia's retail network would consist of only two Euroskor shoe stores. The company reported a turnover of €1.596 million for the previous year, which marked a staggering 26.4% decrease compared to 2024. Concurrently, the company's losses surged by 64%, reaching €334,778, further emphasizing the financial difficulties faced by the retailer.
Established in 1991, Euroskor Latvia is owned by SIA 'AZ Holding,' with Jānis Anderson holding a 75% stake, while Ēriks Zarahovičs and Raitis Zarahovičs own 20% and 5%, respectively. The financial struggles and subsequent decision to liquidate suggest a broader trend affecting retail businesses in Latvia, underlining the challenges posed by changing consumer behavior and economic conditions in the region.
