<p>Swedish fashion retailer H&M said on Monday it had decided to wind down operations in Russia, after pausing all sales there in March following Moscow's invasion of Ukraine.</p>.<p>"After careful consideration, we see it as impossible given the current situation to continue our business in Russia," H&M Group CEO Helena Helmersson said in a statement.</p>.<p>"We are deeply saddened about the impact this will have on our colleagues and very grateful for all their hard work and dedication," she added.</p>.<p>H&M, which has about 6,000 employees in Russia and has operated in the country since 2009, said it would reopen stores in Russia "for a limited period of time to sell remaining inventory" as part of the exit process.</p>.<p>It said the entire wind-down was expected to cost the group around 2.0 billion Swedish kronor ($192 million), of which around 1.0 billion would have a cash flow impact.</p>.<p>"The full amount will be included as one-time costs in the results for the third quarter 2022," the company said.</p>.<p>The Russian invasion of Ukraine triggered unprecedented sanctions and an exodus of foreign corporations, including Starbucks and McDonalds.</p>.<p>Swedish network equipment maker Ericsson announced in April it would suspend all Russian operations "indefinitely", while truck maker Volvo has stopped sales and halted production at its Kaluga plant.</p>
<p>Swedish fashion retailer H&M said on Monday it had decided to wind down operations in Russia, after pausing all sales there in March following Moscow's invasion of Ukraine.</p>.<p>"After careful consideration, we see it as impossible given the current situation to continue our business in Russia," H&M Group CEO Helena Helmersson said in a statement.</p>.<p>"We are deeply saddened about the impact this will have on our colleagues and very grateful for all their hard work and dedication," she added.</p>.<p>H&M, which has about 6,000 employees in Russia and has operated in the country since 2009, said it would reopen stores in Russia "for a limited period of time to sell remaining inventory" as part of the exit process.</p>.<p>It said the entire wind-down was expected to cost the group around 2.0 billion Swedish kronor ($192 million), of which around 1.0 billion would have a cash flow impact.</p>.<p>"The full amount will be included as one-time costs in the results for the third quarter 2022," the company said.</p>.<p>The Russian invasion of Ukraine triggered unprecedented sanctions and an exodus of foreign corporations, including Starbucks and McDonalds.</p>.<p>Swedish network equipment maker Ericsson announced in April it would suspend all Russian operations "indefinitely", while truck maker Volvo has stopped sales and halted production at its Kaluga plant.</p>