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Baltman OÜ and Kalaport OÜ reached compromise agreement in a court dispute

Baltika
Baltika

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