bbn.ee – Tallinna Kaubamaja AS, Estonia’s largest retailer’s shares, fell greatly five weeks after the company said it will close all six of its Selver supermarkets in Latvia and cut 220 jobs in the neighboring country because of a “sudden deterioration” in the Baltic country’s economy.
Kaubamaja shares fell almost 12 percent to 4.05 euros at 10:57 a.m. in Tallinn, the lowest since Aug. 31. The stock more than doubled this year, the second biggest gainer on the Tallinn stock exchange, compared with a 58 percent rise in the OMX Tallinn index as investors bet the Estonian economy will start to recover in the second half, boosting earnings, Bloomberg writes.
Selver Latvia SIA’s net loss may rise to as much as 100 million kroons ($9.5 million) this year from 18 million kroons in 2008, Tallinn-based Kaubamaja said in a stock exchange statement.
