×
Newsmax TV & Webwww.newsmax.comFREE - In Google Play
VIEW
×
Newsmax TV & Webwww.newsmax.comFREE - On the App Store
VIEW
Tags: nike halts russia sales | ukraine war | sanctions | exit

Nike Halts Sales to Retailers in Russia

Nike RUssia
Billboard shows Portugal's Cristiano Ronaldo advertising Nike sportswear in the Moscow suburb of Timiryazevskaya during the World in Moscow, Russia. (Getty Images/2018 file photo)

Wednesday, 25 May 2022 10:22 AM EDT

Nike will not renew licensing agreements in Russia, the company said Wednesday, joining a growing list of Western companies pulling back from the country following the Ukraine invasion of Ukraine.

The move affects licensed retailers as Nike shuttered company-owned stores two months ago soon after Moscow sent troops into the neighboring country.

"Due to operational challenges in Russia, Nike has made the decision not to renew or enter into any new business commitments, including with our franchisee Up&Run," the company said.

"Our business remains on pause and we are providing pay continuity to our employees."

Nike's statement was in response to an AFP inquiry into the status after Russian newspaper Vedomisti reported that Up & Run's parent, Inventive Retail Group (IRG), would shutter its retail locations in Russia because of lack of access to merchandise.

IRG's website shows 37 Nike locations, nine of which are listed as "temporarily closed."

"As you can see from our stores, deliveries are suspended and the goods are in short supply," IRG spokeswoman Lyudmila Semushina told AFP. "In the current realities, we cannot continue to support the work of Nike mono-brand stores and will be forced to close them."

Nike's move comes just two days after Starbucks said it was shuttering its 130 cafes in the country, and last week, McDonald's announced its exit from Russia, where it had 850 restaurants employing 62,000 workers.

Russia's President Vladimir Putin ordered troops into pro-Western Ukraine on February 24, triggering unprecedented sanctions and sparking an exodus of foreign corporations including H&M, Adidas and Ikea.

© AFP 2024


StreetTalk
Nike will not renew licensing agreements in Russia, the company said Wednesday, joining a growing list of Western companies pulling back from the country following the Ukraine invasion of Ukraine.
nike halts russia sales, ukraine war, sanctions, exit
256
2022-22-25
Wednesday, 25 May 2022 10:22 AM
Newsmax Media, Inc.

Sign up for Newsmax’s Daily Newsletter

Receive breaking news and original analysis - sent right to your inbox.

(Optional for Local News)
Privacy: We never share your email address.
Join the Newsmax Community
Read and Post Comments
Please review Community Guidelines before posting a comment.
 
Get Newsmax Text Alerts
TOP

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

NEWSMAX.COM
MONEYNEWS.COM
© Newsmax Media, Inc.
All Rights Reserved
NEWSMAX.COM
MONEYNEWS.COM
© Newsmax Media, Inc.
All Rights Reserved