H&M to exit Russia at the cost of $190 million after purging inventory
H&M AB decided to start winding down its operations in Russia, having halted all sales in the country in March after Russia’s attack on Ukraine.
The Swedish fashion retailer expects to book costs of 2 billion kronor ($190 million) from the process, of which about 1 billion kronor will have a cash flow impact, it said in a statement on Monday. It plans to reopen physical stores in Russia for a limited period of time to sell remaining inventory.
“After careful consideration, we see it as impossible given the current situation to continue our business in Russia,” Chief Executive Officer Helena Helmersson, said.
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