
The bankrupt company Aistvalda, which ran the Vilnius-based Pizzamax pizzeria chain and ceased operations in October last year, dismisses all employees and notified the Lithuanian employment Service of this, the Lithuanian portal Delfi.Last year, five Pizzamax restaurants operated in Vilnius – on the streets of Viduno, Dangeruche, Erfurto, Rigos and Shiltnamu. 47 employees have been notified of the layoffs, the majority of which are bakery cooks (18), 17 waiters and 8 dishwashers. Vilnius District Court on the application of Aistvalda Manager Valdas Malinauskas on 20 December initiated bankruptcy proceedings against the
company. According to the businessman, the difficulties that occurred in the time of the COVID pandemic had financial consequences, which led
to additional financial liabilities. “According to the sayings of the manager of the company, substantial increase in expenses occurred because of the increase in prices for electricity and the increase in Ukraine for sunflower oil,
which is one of the main commodities in the activities of the company.” “It was not possible to solve the issue due to the lack of current funds, operating expenses exceeded revenues,” the court’s decision said. Malinauskas said
to the court that the activities of the company Aistvalda is not able to restore the solvency of the
company and to perform further activities. “It is decided that the defendant’s inability to pay its debts is not temporary, and the defendant
should be considered insolvent from the point of liquidity”, the Vilnius District Court approves. As of the beginning of this year the indebtedness of Aistvalda to Aistvalda in front ofState Tax Inspectorate of
Lithuania was 120 thousand euros, and the indebtedness to Sodra exceeded 54 thousand euros. The reports of the company state that in 2023 Aistvalda earned 6600 euros profit, and in 2022 year – 12 200 euros. The company’s revenue for the year increased from two million euros (2022) to 2.2 million euros (2023).