Baltman OÜ and Kalaport OÜ reached compromise agreement in a court dispute
January 06 2023 - 6:30AM
Baltman OÜ and Kalaport OÜ reached compromise agreement in a court
dispute
Baltman OÜ, a subsidiary of AS Baltika, and Kalaport OÜ entered
into a compromise on January 5, 2023, which ended the legal dispute
regarding the lease agreement for the Ivo Nikkolo store located at
Suur-Karja 14 in Tallinn’s old town, which began in early 2021, by
agreement between the parties. The content of the dispute is
described in more detail in the stock exchange announcement
published by AS Baltika on 09.02.2021.
With the compromise, both Kalaport OÜ and Baltman OÜ mutually
waived all claims and Baltman OÜ will continue to fulfill the lease
agreement, taking into account the differences agreed in the
compromise, from 01.02.2023. The parties have agreed that the terms
of the compromise agreement are confidential.
"We are glad that after a long legal dispute we reached a
compromise that satisfies both parties, which gives us the
opportunity to reopen the Ivo Nikkolo brand store in the old town
of Tallinn. In our opinion, the Suur-Karja store has continued
great business potential, and the reopening of the Ivo Nikkolo
store in its legendary location will help us even better reach
people visiting Tallinn from abroad, who have already very well
found our flagship store opened in the Rotermann Quarter and have
become our customers," said Brigitta Kippak, Chairman of The
Management Board of AS Baltika.
At the moment, the compromise has not yet entered into force,
and the court will decide on its approval with a ruling. When the
compromise is approved, the court also ends the proceedings.
Brigitta Kippak Chairman of The Management Board, CEO
brigitta.kippak@baltikagroup.com
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