Russia’s OBI stores to work under German brand for 6 mos

MOSCOW, Apr 27 (PRIME) -- The Russian stores of German home improvement supplies retailer OBI will continue working under the German brand for at least six months, Boris Lyuboshits, founder of Audit Group and the lawyer that represents interests of OBI, told reporters on Wednesday.

“Right now, we have an agreement that allows us to use the brand for a long term. We will be able to work under this brand for at least six months,” he said.

In March, OBI said it would close its stores and fully stop operations in Russia. Earlier in April, OBI was reported to sell its Russian business to a local buyer. Kommersant business daily reported that subsidiaries of Kazakh holding Asadel, the owner of OBI franchisee stores in Kazakhstan, were a contender for the assets.

The press service of the Russian OBI store chain said on Tuesday that all hypermarkets in the country would reopen until May 11.

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