Marks & Spencer shuts all 50 stores in Russia due to…

Marks & Spencer shuts all 50 stores in Russia due to invasion of Ukraine

Marks & Spencer (M&S) says it will completely leave Russia following the country's invasion of Ukraine.

The store stopped sending items to Russia in March, but said it could not close 50 M&S outlets due to its franchise agreements.

But today M&S announced it was going to completely pull out of Russia after crunch talks with franchisees.

All M&S stores in Russia are run by a Turkish firm called FIBA, which has 1,200 staff in Russia.

M&S has just reported profits of £392million for the year to April 2 - but says leaving Russia will cost it £31million.

Last year it made a loss of £209million.

M&S has had to shut all its Ukraine stores due to the war, but said it was "working with our partner to reopen as and when possible".

The retail giant is just one of dozens of household name firms that have pulled out of Russia since it invaded Ukraine.

Earlier this week The Mirror reported coffee giant Starbucks is permanently shutting all its 130 Russian stores.

Starbucks has operated in Russia for 15 years through franchises, and employs 2,000 staff.

Starbucks will pay its Russian workers for another six months to help tide them over while they look for other work.

Last week McDonald's began the process of selling its business in Russia after 30 years of operation.

McDonald’s plans to sell its business to a local buyer and they will be unable to use the McDonald’s name, logo or branding.

The complete list of companies that have withdrawn, stopped Russian imports or temporarily suspended ties include:

However, many other brands have refused to cease trading in Russia.

These include household names like sandwich firm Subway.

Subway said its profits in Russia will go towards humanitarian efforts.

Read news from 100’s of titles, curated specifically for you.

Already a member? Sign in here