H&M plans to wind up its operations in the country, with reference to? Operational challenges?
The multinational clothing and home furnishing company H&M has announced that it is leaving Russia in the midst of increased sanctions against the country.
“Given the current operational challenges and an unpredictable future, the company announces today that it has decided to initiate a process to wind up operations in the country,” it said in a statement published on the dealer’s website on Monday.
As part of the decommissioning process, the clothing giant will “temporarily reopen physical stores for a limited time to sell remaining equipment”, it added.
H&M is the latest international retailer to announce that they are leaving the sanctioned Russia. Last week, the local management of the toy manufacturer Lego confirmed that the company would cease commercial operations in Russia due to uncertainty about the supply. The iconic Swedish furniture brand IKEA also decided to leave Russia due to problems with the supply chain, the media reported last month.
According to a recent Wall Street Journal report, global corporate losses from sanctions against Russia have exceeded $ 59 billion and are expected to increase further. Outlet says that almost 1,000 Western companies have reported plans to leave Russia or cut back on operations in the country.
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(RT.com)
Source: sn.dk