General: The sale of the deserted Zsar shopping village was cancelled, the buyer did not pay the purchase price

In the Gulf of Estonia The sale of the bankrupt Zsar shopping village has been cancelled. The lawyer managing Zsar’s bankruptcy estate Matti Manner confirmed to Ylethat the buyer has not paid the agreed purchase price and the sale is terminated.

In August, HS reported that a Finnish private individual had been found as a buyer for Zsar. According to Manner, the selling price was “quite low”. The mere maintenance of the shopping center is expensive for the bankruptcy estate, so even a small price will do.

Mightily there are other buyer candidates, and negotiations will be held with them next.

The outlet village, especially aimed at Russian tourists, was opened in November 2018. The village mainly had stores of expensive fashion brands. The corona epidemic that started in 2020 closed the eastern border completely.

The customers gave up and Zsar went bankrupt in the fall of 2022. There was also an attempt to sell it at an online auction in 2023 with little success.

Ostoskylä is located near the Vaalimaa border crossing, quite far from the settlement. It is also about eight kilometers to the nearest town, Virojoki.

Attorney Manner stated to HS in August that “under the prevailing conditions, the shopping center located on the eastern border in Vaalimaa practically has no market”.