"A rather radical overhaul has been launched. Shop concepts are being changed, in line with the approach that it is better to have fewer but bigger stores," it quoted Apranga CEO Rimantas Perveneckas as saying.
The Vilnius-based group plans to close 20 stores and open 35 to 40 new ones this year, with investments planned at 12 million to 15 million euros, according to the CEO.
Apranga also plans to merge merge physical and online stores, he said.
MG Baltic Investment, a holding company of Darius Mockus' MG Baltic, held a 62.3 percent stake in Apranga in late December 2018. Minister, another company controlled by Mockus, owned 10.7 percent of shares and Swedbank's customers held 6.6 percent.
Apranga's shares are quoted on the blue-chip Main List of the Nasdaq Vilnius Stock Exchange.