Russians visit H&M for the last time today

The Russians visited its flagship store today for the last time H&M in Moscow before the second largest clothing chain in the world permanently close all its stores in Russiaafter a sale of the stock that lasted almost four months.

H&M closed its stores shortly after Russia sent tens of thousands of troops to Ukrainebefore reopening in August to sell off stock with customers queuing up.

Today, the turnout was not so great, but those who made the effort were rewarded with full shelves and 50% discount on all products.

Anastasia, 29, expressed regret that H&M and many other brands are leaving, but said life goes on. “I’m sure something new will appear, something interesting, we’re always open to that,” he told Reuters outside a store. “There is no reason to dwell on the negative.”

Companies are under pressure from public opinion and politicians not to do business in Russia, with many foreign companies to hastily suspend their operations shortly after the invasion of the troops without, however, announcing their final withdrawal.

THE H&Mas noted by the Athenian-Macedonian News Agency, suffered a blow of 2.1 billion crowns in the third quarter to suspend its operations in Russia. The Swedish company became the first major retail company in Europe to begins layoffs, announcing 1,500 job cuts today due to falling demand as consumers face a jump in inflation.

The Russian government has said that H&M is putting its assets up for sale and expects the potential buyer to be a Russian company or entity from a “friendly” country – one that has not imposed sanctions on Russia.

H&M rented its 170 physical stores in the country and directly managed them itself. Russian news agency TASS reported last week that around 80% of H&M stores had already closed.

An H&M spokesman confirmed that all stores still open in Russia would close today, but declined to comment further.