NIKE TO FULLY EXIT RUSSIA

Thu 23 June 2022:

US sportswear maker Nike is making a full exit from Russia, three months after suspending its operations there, the company said in an emailed statement to the Reuters news agency.

“NIKE has made the decision to leave the Russian marketplace. Our priority is to ensure we are fully supporting our employees while we responsibly scale down our operations over the coming months,” the firm said in an emailed statement.

Nike said on March 3 it would temporarily suspend operations at all its Nike-owned and operated stores in Russia in response to Moscow’s actions in Ukraine, adding that those still open were operated by independent partners.

It joined other leading Western brands, like McDonald’s and Google, in confirming it will leave the country completely.

In the upcoming weeks, new rules that would empower Moscow to seize assets and inflict criminal penalties on foreign businesses wanting to leave Russia due to the conflict in Ukraine could be passed. Some businesses have accelerated their exit as a result of this.

The decision is mostly symbolic for Nike, whose combined sales from Ukraine and Russia is less than 1%, rather than having a significant impact on its financial results.

SOURCE: INDEPENDENT PRESS AND NEWS AGENCIES

___________________________________________________________________________________________________________________________________________

FOLLOW INDEPENDENT PRESS:

TWITTER (CLICK HERE)
https://twitter.com/IpIndependent