H&M And IKEA Liquidate Their Stocks In Russia
H&M and IKEA are pulling out of Russia, selling off stocks in huge clearance events while thousands of jobs hang in the balance. Discover how this major retail shake-up is reshaping the market and why shoppers are queuing for a last chance to grab iconic products.
Two big names in the global retail world, H&M and IKEA, are liquidating their stocks in Russia as they close their businesses there.
People are making long queues to take advantage of the liquidations of the latest products from the textile giants.
Sweden-based H&M and Netherlands-based IKEA halted sales in Russia after the military operation began. They are now looking to shed their clothing and furniture stock as they scale back operations there, saying that the future is unpredictable.
Explosive Cyclogenesis in the Sector
ZARA SA, Oysho, Bershka, PULL & BEAR, and UNIQLO have already closed all their stores, while NEW YORKER, FINN FLARE, Marks and Spencer, and MANGO were open."I will start looking for Russian brands," said Anya, an H&M shopper.
"A good store is leaving," said Leonid, who was "very hurt" by the closure of H&M.
Both companies are laying off staff as they scale back their business in Russia.H&Msaid on Tuesday that 6,000 workers would be affected and that it was working out the details to offer continued support in the coming months.
IKEAhas 15,000 workers in Russia and Belarus. Many workers will lose their jobs even though they have been given good dismissal…
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