So far, more than half of the company’s outlets in the country have closed permanently. Some stores are open for sale of leftover goods.
The Swedish company H&M continues to exit the Russian market and has closed more than half of its stores so far. This was reported on November 3 by the Nyhetsbyran Direkt agency.
It was noted that the retailer suspended sales in Russia in early March, and in mid-July announced that it was beginning to reduce activities in the country, due to “current problems and an unpredictable future.”
As part of the liquidation process, the H&M Group (comprising the brands H&M, COS, Monki, Weekday, & Other Stories and Arket) temporarily opened its physical stores to sell its remaining inventory in Russia, and at the end of September, more than 30 of the 172 stores in Russia were permanently closed.
“We are sticking to our plan and we still have some stores temporarily open to sell leftover stock. The store closures are gradual as planned and we plan to close the last stores by the end of the year, ” said the company.
Recall that in mid-September it became known that H&M was leaving the Belarusian market.
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Source: korrespondent
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