Nike, a major American manufacturer of sportswear and footwear, is curtailing sales in Russia, Vedomosti reports.
The company did not renew its franchise agreement with Inventive Retail Group (IRG), which owns the country's largest single-brand chain of US retail stores.
IRG President Tikhon Smykov sent a letter to employees, from which it follows that Nike cannot organize the supply of goods to Russia in the foreseeable future, and as stocks are exhausted, IRG will be forced to close stores under this brand. Nike's franchise agreements with Russian firms expire on May 26.
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