Piestro, a long-standing bakery in the center of Vilnius and beloved by sweet tooths, is closing its doors - the company is initiating bankruptcy proceedings outside of court. Both Piestro bakeries in the capital were closed in May, Verslo Žinios reported on Friday.
Piestras CEO Donatas Kubiliūnas says that the company's decision to declare insolvency was due to increased costs and declining sales - last year, cake sales decreased by 20 percent.
"I couldn't name one reason, it was probably a combination of them and we made the decision to stop operating, because that activity is simply unprofitable. The main reason is probably that sales declined in 2024-2025," said D. Kubiliūnas.
Piestro had been in business for over a decade and was known for its modern yet traditional recipes. The bakery offered a daily cake menu and special occasion pastry services.
However, like many small businesses, especially in the catering sector, Piestro had to face difficult challenges: constantly rising raw material and rental prices, increasing competition, changing consumer habits, and decreased impulse purchases made it impossible to continue operating.
