The energy commodities trader and convenience store network “Virši” has announced its decision to cease operations at two retail locations in Riga – Virši Tērbata (22/24 Tērbatas Street) and Virši Origo (2B Satekles Street). Both outlets offered convenience store products without refuelling services.
This decision is based on an assessment of the profitability indicators of these stores, which, from a long-term perspective, do not meet the Company’s defined efficiency and profitability criteria.
“This relatively new business segment, offering convenience goods without refuelling services, has not achieved the initially planned financial targets. Closing these two stores will enable the Company to further improve its profitability indicators and focus on more capital-return-efficient business segments. This includes continuing the expansion of our service station network, strengthening our position in the energy sector, and progressing with the construction of a biomethane plant in Naukšēni,” said Jānis Vība, Chairman of the Management Board at Virši.
The Company continues to purposefully implement its development strategy, which includes the expansion and modernisation of its service station network, while consistently providing high-quality products and services to customers. The strategy also involves expanding the electricity trading segment, increasing the number of compressed natural gas filling stations, and developing an electric charging network. The construction of the biomethane plant in Naukšēni represents the next significant step, enabling the Company to further strengthen and diversify its business model and ensure sustainable growth across all strategic directions.
About Virši:
Virši is a rapidly growing local energy commodities trader and convenience store network with 30 years of experience. Currently, Virši has 85 sales points, 82 of which are service stations, and employs more than 900 people across Latvia. Since 11 November 2021, the shares of AS VIRŠI-A have been listed on the Nasdaq Riga First North Alternative Market.
