Word: semyonovskaya
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...There are significantly fewer tourists coming to Russia right now, and this is negatively affecting our sales," says Oleg Korotkov, director of Semyonovskaya Painting, a top Russian handicraft maker. Korotkov's company, which is based in the Nizhny Novgorod region of central Russia, seemed to be weathering the storm until the financial crisis finally struck him and his 70 employees around the end of January. Orders from within Russia have fallen fivefold, he says, while combined foreign and domestic sales have fallen 30% to 40% this year. "Our sales were supported through the end of the year just on inertia...
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