Following Moscow's invasion of Ukraine, TK Maxx is selling its stake in the Russian retailer Familia. Another American has been added to the list of fashion brands suspending activities in Russia.
The American TJX Companies (turnover of US$48.5 billion in 2021, up by 16% vs 2019), owner of the low-cost fashion chain TK Maxx, has put up for sale the 25% share of the Luxembourg company Familia, owner of 400 fashion stores in Russia.
The details of the sale were not specified, particularly in the event that TJX may not find a buyer. The business will stop sourcing products from Russia and Belarus. Doug Mizzi and Scott Goldenberg, executives at TJX, resigned as Directors and advisors at...
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