Retailer Get Fresh Estonia Faces Financial Collapse: Operations Halted and Debts Mount
Get Fresh Estonia has encountered a severe financial crisis and filed for insolvency. CEO Andero Keronen admitted: "We realized that our situation is worse than we thought."
Retail and food company Get Fresh Estonia, which operates the popular fruit and berry brand No Bananas, has filed an official bankruptcy petition with the court in Estonia. This move follows a sharp deterioration in the company's financial health, leaving it unable to meet its current financial obligations.
The company's owner and CEO, Andero Keronen, stated that management concluded that continuing economic activity or taking on new liabilities would be irresponsible. According to him, the true depth of the economic crisis only became clear at the beginning of the summer.
"At the beginning of July, it became clear as day that the company's financial situation was significantly worse than could have been estimated based on the data and preliminary information we had," Keronen said.
The company is now conducting an in-depth audit with the assistance of an external financial expert to identify the exact factors that led to the sudden economic collapse.
Alongside cash flow problems, it has emerged that as of mid-August, Get Fresh Estonia has an outstanding debt of over 209,000 euros in unpaid VAT to tax authorities.
The first signs of the crisis appeared earlier this summer, when the No Bananas brand announced on its homepage the closure of its berry stands in the Hiiumaa and Latvia regions.
Simultaneously, during July, the company completely ceased online ordering operations through its website, as well as delivery services offered via the Wolt and Bolt Market applications.
