No Ikea Shelves, No Levis: The Retail Exodus From Russia Is On
Sapna Maheshwari and
On Monday, the chief financial officer of Stanley Black & Decker told investors that the company was still figuring out whether it was going to keep its business in Russia given new sanctions affecting the country, or exit in coming weeks or months.
“That’s something we’re watching very closely to see how it plays out,” Don Allan, the company’s chief financial officer, said at a conference. The business, with about 100 employees, brought in $150 million in annual revenue, he said, and the company had an estimated $30 million to $40 million in inventory there.
Less than 24 hours later, the company said it had decided to close.
A growing number of American and European brands and retailers are changing their operations in Russia in response to the country’s invasion of Ukraine, with mass chains and luxury brands closing stores and halting other business in the country. The actions are affecting hundreds of stores and thousands of Russian employees.
Photo by Alexander Isreb from Pexels.
Source: The New York Times (link opens in a new window)