© Reuters. FILE PHOTO: People walk outside a Polish fashion retailer LPP brand Reserved shop in Warsaw, Poland, September 4, 2020. REUTERS/Kacper Pempel/File Photo
GDANSK (Reuters) – Polish clothing retailer LPP has decided to sell its business in Russia, the company said on Thursday.
The move follows closure of its stores in March after Russia’s invasion of Ukraine.
“Considering the uncertain situation and impossibility to predict the fate of the armed conflict in the east, we have made a directional decision to sell Russian-registered companies,” LPP said in a statement.
The company added that it was in talks with potential buyers and was considering offers.
LPP’s plans were first reported by Russia’s TASS news agency.
The company, which owns 533 stores in Russia, said in mid-April that it was looking to strengthen its presence in the European Union.
Russian sales accounted for 19.2% of its group revenue for 2021/22.
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