TJX Cos Inc said on Thursday it would sell its 25% stake in Russian low-cost apparel retailer Familia, becoming the latest company to cut business ties in the country following Moscow’s invasion of Ukraine.
Netflix Inc , fashion outlet H&M, IT consulting firm Accenture Plc are also among the many companies that have cut or paused business in Russia.
The Familia stake was valued at $186 million in January, lower than the $225 million TJX paid for it in 2019, due to a decline in the Russian ruble.
With the ruble hitting new record lows in recent days, the investment’s value could have fallen further. TJX said it may take an impairment charge due to the sale.
Its executives Doug Mizzi and Scott Goldenberg have also resigned from their director and observer positions at Familia, which has more than 400 stores in Russia.
Source: Reuters.com