US’ TJX Companies sells off Russia’s apparel retail chain Familia

MOSCOW, May 29 (PRIME) -- The U.S.-based TJX Companies has sold off a 25% stake in Russia’s off-price apparel retail chain Familia, TJX Companies said in a report on Monday.

“In the 2023 financial year, ending on January 28, 2023, TJX Companies sold its stake in Familia to have impairment spending of U.S. $218 million,” the document read.

The stake was bought in 2019 for $225 billion. The founders of the chain Goldman Sachs and Baring Vostok were the other shareholders then.

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