Lithuanian Market Research Firm 'Vilmorus' Faces Bankruptcy Proceedings

Vilmorus, a Lithuanian company long known for conducting market research and opinion polls, is facing bankruptcy proceedings initiated by the Vilnius Regional Court. The move comes after the company's head, Vladas Gaidys, filed a petition, detailing the firm's financial struggles.

Gaidys explained in his statement that despite efforts to maximize profit through market research and surveys, Vilmorus experienced a gradual decrease in revenue while expenses mounted. This imbalance ultimately led to a situation where the company's income was insufficient to cover its operational costs and generate profit, rendering it insolvent.

Court documents reveal the stark financial reality: as of the end of March, Vilmorus held assets totaling 4,091 euros, contrasted with financial commitments nearing 107,000 euros. The company reported a loss of 32,000 euros on revenues of 227,000 euros last year and has operated at a deficit in both 2023 and 2024. Furthermore, 'Sodra' data indicates a reduction in staff, with only two employees currently listed, down from seven at the end of last year, and an outstanding debt to the State Social Insurance Fund budget.

Established in 1993, Vilmorus has been a familiar name in Lithuania, particularly for its extensive work on surveys commissioned by 'Lietuvos rytas.' These polls frequently assessed public trust in political parties, individual politicians, and various institutions, making the company a significant player in understanding public sentiment in the country.

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He explained in the statement that the defendant, by rationally using all material, financial, and other resources, aiming to obtain maximum profit, conducted market research and public opinion surveys, but the company's operating income gradually decreased, and expenses increased, until finally the income was insufficient to cover its operating expenses and generate profit.