Euroset closes operations in Moldova and Armenia

Russian mobile phone retailer Euroset plans to close all of its stores in Moldova and Armenia by July, Kommersant business daily has reported, citing the retailer’s President Alexander Malis. Euroset will also decide by the end of June whether to close its stores in Belarus and Kyrgyzstan. Malis said that entering these markets was a strategic mistake and that "former shareholders thought that the wider the territorial coverage of a network, the higher its value. But we think that a company's value depends on its profits". Euroset does not disclose the revenue of its outlets in Armenia, Moldova, Belarus or Kyrgyzstan, but a representative said that the company’s stores in Armenia and Moldova account for no more than 1% of the its total revenue.

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