Nike is Making a Full Exit From Russia!
The war in Ukraine began around three months ago and has resulted in a number of mostly western companies and major brands pause business activities in Russia. Starbucks and IKEA are among those few who have halted trading, but recently there’s been a shift and big names have been pulling their business from the country permanently! McDonald’s has already ceased operations, leaving behind 62,000 employees. And now Nike is next to make a full exit.
Team Swoosh made a statement to Reuters on Thursday, confirming that they are pulling out of Russia completely. ‘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.’
Nike initially paused all eCommerce and bricks-and-mortar business on March 3 and Russian media allegedly reported in May that they did not renew their agreements with their largest Russia franchisee, Inventive Retail Group (IRG).
Stay tuned for updates on this story as further developments unfold.
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