Report: Inditex to close 269 remaining stores in Russia - Consumer Goods & Retail - PRIME Business News Agency - All News Politics Economy Business Wire Financial Wire Oil Gas Chemical Industry Power Industry Metals Mining Pulp Paper Agro Commodities Transport Automobile Construction Real Estate Telecommunications Engineering Hi-Tech Consumer Goods Retail Calendar Our Features Interviews Opinions Press Releases

Report: Inditex to close 269 remaining stores in Russia

MOSCOW, Mar 17 (PRIME) -- SpainТs Inditex plans to close the remaining 269 stores in Russia, Spanish daily El Pais reported on Friday citing a company statement.

Inditex decided to suspend operations in Russia in March 2022 because of the impossibility to ensure non-stop operations. In October 2022, Inditex coordinated a sale of its Russian division to Lebanese franchisee Daher Group.

УInditex confirms closure of the remaining 269 stores after suspension of operations on March 5,Ф El Pais reported.

The daily also reported quoting a financial report of Inditex that it planned to sell assets and rights connected to 245 stores out of the 514 that it had in Russia. After the signing of the sale agreement, the stores will operate under and sell the brands that Daher owns and that are not connected to Inditex, according to the daily.

End

17.03.2023 11:25
 
 
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