Get 40% Off
👀 👁 🧿 All eyes on Biogen, up +4,56% after posting earnings. Our AI picked it in March 2024.
Which stocks will surge next?
Unlock AI-picked Stocks

Some independent Nike stores remain open in Russia over a week after closure announcement

Published 03/11/2022, 12:01 PM
Updated 03/12/2022, 05:05 PM
© Reuters. FILE PHOTO: A customer is reflected in a shop window decorated with Nike store logo at the outlet village Belaya Dacha outside Moscow, Russia, April 23, 2016.  REUTERS/Grigory Dukor

(This March 11 story corrects to say "at least six independent stores" instead of "many" stores; adds details on Nike (NYSE:NKE)'s March 3 statement about suspension of operations in Russia)

By Richa Naidu

LONDON (Reuters) - At least six independent Nike stores in Russia were open on Friday afternoon, according to checks made by Reuters, more than a week after the world's biggest sports retailer said it was temporarily closing all its shops in the country.

Beaverton, Oregon-based Nike said the stores that were open are owned and operated by independent partners.

Nike said on March 3 that it would temporarily suspend operations at all its Nike-owned and -operated stores in Russia, joining several Western brands that did so following Moscow's invasion of Ukraine.

Reuters could not immediately determine the total number of independent, partner stores that were open on Friday. Nike has roughly 100 stores in the Russian Federation, according to the store directory on its website, which showed that all of them were "open." A Nike spokesperson said Friday that Nike is "updating" its online store locator "to reflect our store closures."

Days prior to Nike's announcement that stores would temporarily close, Nike made merchandise purchases on its website and app unavailable in Russia and directed its customers in the country to brick-and-mortar stores instead.

Nike is providing continuity pay for employees in the stores it closed, the Nike spokesperson said Friday.

Latest comments

Nike puts profit above blood, from Ukraine to China.
because nike is a lying, disgusting fascist company.. don't ever trust nike for anything!
Kobe Bryant & the nba, nike deal is still pending. the market this year is going through a recession if things are dealt with correctly
More than 330 companies have completely suspended operations or withdrawn in Russia.  I hope that global menace named Putin is happy.
 Well, because of Putin's war its customers are going to get more energy independent--which means Russia will take a long term hit economically.  That will be a cost and consequence that Russia suffers long term--as funding a war machine is not any country wants to do.  Some of the current sanctions will also stay in place, and they currently continue to grow all the time.  They will also a be a long term cost for Russia.  Some multinational businesses will also pull out of Russia and will remain that way.  Never mind all of the Russians that go home in body bags.
 But Ukraine forces were thought to have not been able to survive more than a few days.  Hence, I dont think Russia is very strong at all.  They look pretty bad to be honest, and not only have a lot of Russians been killed already, but the reputation of their military has sunk.
   Also, Putin's own government could be toppled.  Kremlin elites, plus the Russian military and the country's security officers are currently believed to probably be a source of problems for him.  Also, the Russian people are furious at their currently crashing living standards.
this could lead to. ......... nothing
It could lead to a boycott of Nike in their largest market.
I’ve boycotted nike for years over their poorly-made shoes.
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.