Stock Groups

Retailer Canadian Tire pauses Helly Hansen operations in Russia -Breaking


© Reuters. Canadian Tire logo seen in Ottawa Ontario Canada, 14 February 2019. REUTERS/Chris Wattie

(Reuters) – Canadian Tire Corp Ltd announced on Friday that the Helly Hansen brand will be temporarily suspended in Russia. It joins a whole host of Western companies who have closed down their operations there due to Ukraine’s invasion.

Helly Hansen sells luggage and outerwear in 41 locations throughout Russia. It employs over 300 people.

Fashion outlet H&M, Nike After several countries imposed severe sanctions on Moscow, both Netflix Inc (NASDAQ) and (NYSE:) have ceased operations in Russia.

Canadian Tire announced that Helly Hansen Store employees will be compensated and supported during the temporarily suspended operations.

According to a statement, the company plans to also meet its commercial obligations.

Disclaimer: Fusion MediaWe remind you that this site does not contain accurate or real-time data. CFDs include stocks, indexes and futures. Prices are provided not by the exchanges. Market makers provide them. Therefore, prices can be inaccurate and differ from actual market prices. These prices should not be used for trading. Fusion Media is not responsible for trading losses that may be incurred as a consequence of the use of this data.

Fusion MediaFusion Media or any other person involved in the website will not be held responsible for any loss or damage resulting from reliance on this information, including charts, buy/sell signals, and data. Trading the financial markets is one of most risky investment options. Please make sure you are fully aware about the costs and risks involved.