Several western retail chains have already announced that they will leave Russia because of the war in Ukraine. After Ikea, Zara and Nike, H&M is also leaving the country, causing long queues of shoppers.
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H&M stopped selling clothes just after the invasion on February 24, but decided to open its doors for the last time this week to sell the remaining stock. After that, the Swedish clothing chain plans to leave Russia for good. The departure means a serious damper for the company that misses almost 200 million euros.
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“After careful consideration, we see it as impossible to continue our business in Russia given the current situation,” said H&M CEO Helena Helmersson. “We are deeply saddened by the impact this will have on our Russian colleagues.”
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H&M employed 6,000 employees in 170 stores in Russia, who are now losing their income.
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(Re)see also: “Fan chains himself to Russian McDonald’s against closure”
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War Devastates Ukrainian Grain Farms: “They Burn Fields and Shoot Farmers”
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Russians complain about quality burgers at McDonald’s replacement
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