Marks & Spencer said it is leaving its Russian franchise business, as it also warned that its sales growth will slow due to the cost-of-living crisis.
The retail giant’s Russian arm, which is run by Turkish franchisees, operates 48 shops and has 1,200 employees.
In March, the company stopped shipments to the stores, but has now said it will “fully exit our Russian franchise” and face a £31m hit as a result.
