GDANSK (Reuters – Polish apparel retailer LPP decided to sell its Russia business, it announced Thursday.

This move comes after the closure of stores by its customers in March following Russia’s invasion.

LPP stated in a statement that “The uncertain and unpredictable fates of the armed conflict to the east make it difficult to know the future, so we made the decision to sell Russian companies.”

It stated that the company was currently in negotiations with potential buyers, and is open to accepting offers.

Russia’s TASS news agency first reported LPP’s plans.

In Russia, the company owns 533 shops. It stated in April that it wanted to increase its presence in Europe.

Russian sales made up 19.2% of the group revenue in 2021/22.