Polish clothing retailer LPP to sell Russian business


Folks wander outdoors a Polish trend retailer LPP brand name Reserved store in Warsaw, Poland, September 4, 2020. REUTERS/Kacper Pempel/File Picture

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GDANSK, April 28 (Reuters) – Polish clothing retailer LPP is chatting to prospective prospective buyers for its enterprise in Russia, its second premier market place, as it joins other Western corporations quitting the country. go through additional

The shift follows the closure of its Russian outlets in March just after Russia’s invasion of Ukraine.

LPP mentioned it had made the decision to provide its Russian-registered companies due to the fact of the “unsure predicament and inability to forecast the class of the armed conflict”, adding that it was in talks with possible prospective buyers and was taking into consideration features.

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LPP claimed it was staying in Ukraine, where it resumed operations in recent weeks soon after halting them due to the war and was now functioning a third of its retailers in a minimal capability, mainly in west of the state.

LPP’s options to provide its Russian small business were being first reported by Russia’s TASS news company.

The corporation, which owns 533 outlets in Russia, claimed in mid-April it was seeking to strengthen its presence in the European Union. read through extra

Russian sales accounted for 19.2% of its group profits for 2021/22, whilst Ukraine accounted for 7.1%

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Reporting by Anna Pruchnicka and Karol Badohal More reporting by Adrianna Ebert Modifying by David Goodman and Edmund Blair

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