EM&F Group to close down Russian retail franchises

EM&F Group, the Polish-based  business agent that controls the East European outlets of the Esprit, OVS and River Island retail brands through Maratex, has announced that it is to close down the Russian operations of the three chains. The  company has been adversely affected by currency fluctuations with its conversion-related losses almost doubling so far this year. RIA Novosti