Restructuring events
European Restructuring Monitor (ERM)
The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
Baltika, an Estonian clothing company, has filed for bankruptcy and will cut 120 employees in Europe within the coming weeks.
The company will cut 70 positions in Estonia, 21 in Latvia and 29 in Lithuania.
The company has been struggling with financial difficulties for years and currently retains only the Ivo Nikkolo brand, while all other labels were phased out earlier. The decision to close operations and gradually shut down stores follows persistent losses and unfavourable economic conditions in the Baltic retail market. Baltika’s stores will remain open temporarily until a bankruptcy trustee finalises the closure plan in cooperation with shopping centers.
The company’s owner, ELG Group, which acquired Baltika from Finnish fund KJK in May 2025, plans to explore wholesale and e-commerce opportunities for Ivo Nikkolo in broader European markets.
Baltika has been operating since 1928.
Eurofound (2025), Baltika Grupp, Bankruptcy in European Union, factsheet number 203425, European Restructuring Monitor. Dublin, https://dev.eurofound.europa.eu/restructuring-events/detail/203425.
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