H&M has begun to close its stores in Russia, and the remaining ones are on sale.
As the correspondent of RIA Novosti reports on Tuesday, October 4, in the Moscow shopping center Kashirskaya Plaza, the store, according to the announcement, is “finally closed”. At the same time, buyers in the store on Skhodnenskaya are warned that its work will be terminated on October 5. The flagship on Tverskaya continues to work.
On September 20, H&M confirmed information about a plan to phase out business in Russia. Then it was reported about the closure of four points in Moscow, two – in St. Petersburg, one – in Samara. In addition, it became known about the reduction of the security staff.
Also on this day, it was reported that the retailer plans to close its stores in the cities of Siberia and the Far East until the end of October, and there are about 20 of them. In addition, the least profitable stores are expected to close in small cities in central Russia.
On July 18, H&M Group, against the backdrop of a Russian special operation in Donbass, announced its decision to permanently close its business in the country. On August 2, offline stores of the network were opened to sell off the assortment. It was assumed that the stores would work until November 30, but later a source of Izvestia, close to the company’s management, said that after this date the brand’s flagship stores would remain open.
Over 150 H&M Group sales outlets operated in Russia, owning the brands H&M, H&M Home, COS, Arket, Monki, &Other Stories, Weekday, and others. This is the seventh indicator in terms of the number of open stores of the company in the world.