[ad_1]
The H&M clothes retailer is seen in Occasions Sq. in Manhattan, New York, U.S., November 15, 2019. Photograph by Reuters/Mike Segar
Swedish trend retailer H&M stated on Monday it had determined to wind down operations in Russia having paused all gross sales there since March following Moscow’s assault of Ukraine.
“After cautious consideration, we see it as unattainable given the present state of affairs to proceed our enterprise in Russia,” H&M Group CEO Helena Helmersson stated in an announcement.
“We’re deeply saddened in regards to the affect it will have on our colleagues and really grateful for all their arduous work and dedication,” she added.
H&M, which has operated in Russia since 2009, stated it will reopen shops in Russia “for a restricted time frame to promote remaining stock” as a part of the exit course of.
It stated the complete wind-down was anticipated to value the group round 2.0 billion Swedish kronor ($192 million), of which round 1.0 billion would have a money circulate affect.
“The complete quantity shall be included as one-time prices within the outcomes for the third quarter 2022,” the corporate stated.
[ad_2]
Source link