Fashion retail giant H&M is undertaking steps to completely shut down its business operations in Russia, the company announced on Monday, joining other major global brands like Nike and McDonald’s who have exited the country following its invasion of Ukraine.
H&M’s decision to leave Russia comes four-and-half months after it suspended its retail operations in the country.
In a press releasethe retail group's CEO Helena Helmersson said it was "impossible" for the company to continue operations in Russia due to the "current situation."
As part of its exit plan, H&M will temporarily reopen stores in Russia to sell off all remaining inventory.
Shutting down operations in Russia will cost the company 2 billion Swedish Krona ($191 million) and have a 1 billion Swedish Krona ($96 million) impact on the company's cash flow.
This is a developing story
Credit: www.forbes.com /