Nike has reportedly not renewed franchise agreements in Russia. The athletic clothing brand announced it would temporarily suspend operations at all its Nike-owned and -operated stores there due to Russia's invasion of Ukraine.
Nike has reportedly not renewed its franchise agreements in Russia.
According to the Vedomosti daily, the head of the Inventive Retail Group – which operates Nike stores in Russia through its subsidiary Up And Run – said the company would no longer supply goods there. "As supplies of goods run out IRG will be forced to close all of its shops under this brand," IRG President Tikhon Smykov was quoted as saying in a letter to employees.Up And Run operates 37People walk past a closed store of the sporting goods retailer Nike at a shopping mall in Saint Petersburg, Russia May 25, 2022.
Nike announced in March that it would temporarily suspend operations at all its Nike-owned and -operated stores in Russia due to"We are deeply troubled by the devastating crisis in Ukraine and our thoughts are with all those impacted, including our employees, partners and their families in the region," the athletic clothing giant said. according to The Wall Street Journal.
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