Tiimari may reduce Latvian stores

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1 September 2004 – Riga (LAT): Finnish stationery retailer Tiimari is considering closing some of its unprofitable stores in Latvia, according to the Baltic News Service.

The firm recently revealed that losses at its Latvian stores grew in 2003 to 151,600 lats ($280,000) compared to a loss of 88,000 lats in 2002.

Tiimari’s Latvian country manager Ineta Zaharova said the loss was due to the opening of new stores but added that this year the company will "try to stabilise our position on the Latvian market and plan for profit".