California, September 20: The Swedish chain of stores H&M has already closed seven stores in Russia that have reopened after a long break. Gradually, the retailer plans to close all outlets.
According to TASS on September 20, citing the company’s press service, four stores closed in Moscow, two in St. Petersburg, and one in Samara. What kind of stores – is not specified. There is no up-to-date list of open stores of the chain – neither on the website nor on the social networks of H&M.
In March, the Swedish H&M Group, which also owns the brands Monki, Weekday, Cos, Other Stories, and Cheap Monday, suspended the work of its stores in Russia due to a military special operation in Ukraine. In June, the company announced its final exit from the Russian market, and in August it opened its doors again to sell off the rest
As explained in H&M, the company plans to gradually curtail business in Russia. For example, by the end of October, she is going to close stores beyond the Urals, there are about 20 of them, and also to abandon not very profitable outlets, which are located mainly in small cities in the European part of Russia.
Follow us on Google News Asia Times Now page for faster updates.
