H&M Hennes & Mauritz ( OTCPK:HNNMY ) is closing its operations in Russia after 13 years of expansion into the country.
The second largest fashion retailer in the world joins a host of companies winding down operations in the country following its invasion of Ukraine. Business had previously been suspended in the country in March, with the retailer reviewing options since that point.
“After careful consideration, we see it as impossible given the current situation to continue our business in Russia,” CEO Helena Helmersson said on Monday. “We are deeply saddened about the impact this will have on our colleagues and very grateful for all their hard work and dedication.”
To complete the “winding down process”, the retailer will reopen its stores that have remained shuttered since March in order to sell the remaining inventory stocked in the nation. Costs associated with the shutdown are suspected to reach about $190M, to be recognized in the third quarter.
Read more on Starbucks’ recent pullout of Russia .
For further details see:
H&M signals closure of operations in Russia