Sumary of H&M will liquidate its business in Russia at a cost of 189 million:
- The Swedish textile firm Hennes & Mauritz (H&M) has decided to begin the liquidation process of its business in Russia, after having suspended its sales in the country last March after the invasion of Ukraine, which will entail a cost for the company of about 2 billion Swedish crowns (189 million euros).
- As part of the process liquidation of the business, H&M’s intention is to temporarily reopen physical stores in Russia for a limited period of time in order to sell the remaining inventory.
- Reuters Given the current operational challenges and an unpredictable future, the company announces today (Monday) that it has decided to start a process of liquidation of the business in the country, announced the multinational, which had been operating in Russia since 2009.
- We are deeply saddened by the impact this will have on our colleagues and are very grateful for all their hard work and dedication,” said Helena Helmersson, CEO of H&M Group.