H&M LLC, the main legal entity of H&M in russia, decided to liquidate the company.
This is reported by the russian news agency Interfax with reference to data from the Unified State Register of Legal Entities of the russian federation.
According to the russian agency, the issue of liquidation was approved on Monday, June 17. Since 2020, the sole owner of the russian LLC has been the Swedish H&M Hennes & Mauritz.
H&M Group, which owns the brands H&M, COS, Monki, & Other Stories, Weekday, ARKET and Afound, as well as the H&M Home chain of home goods stores, temporarily stopped sales in russia in March 2022, after the start of a full-scale invasion of the russian federation into the territory of Ukraine.
H&M has also been trying to find a buyer for its russian assets since 2022. Potential buyers were offered lease rights for about 170 stores, a distribution center with an area of 57,700 square meters and inventories with a total value of USD 210 million. Whether H&M managed to sell any of this is not known for sure.
H&M also suspended operations in Ukraine in 2022 due to hostilities. But in November 2023, it resumed the operation of its two stores in Kyiv.
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