As you may be aware, money transfers to and from Iceland have not been functioning properly following the nationalization of the Icelandic banks.

LS Retail is absolutely reliant on smooth international trade as the company generates approximately 98% of its income outside Iceland.

We have therefore established new banking relations with the Den Norske Bank (DnB) in Norway. DnB is partly owned by the Norwegian state and is without a doubt one of the most prestigious and secure banks in the world.

We can assure you, that LS Retail is in exceptionally good standing, with profitable operations and equity ratio of approximately 90%. It is our belief that LS Retail is one of Iceland’s most promising companies with its current installations in 130 countries worldwide.

Thank you for your understanding.

Sincerely
Gunnar Björn Gunnarsson CEO