TK Maxx to sell 25% stake in Russian apparel retailer Familia

TK Maxx's parent company is selling its 25% stake in the Russian discount clothing retailer Familia following Moscow's invasion of Ukraine.

The company said it expects to take an impairment charge due to the sale.

TJX Companies, the parent company of discount lifestyle retailer TK Maxx, has announced it would sell its 25% stake in the Russian value retailer Familia following Moscow’s invasion of Ukraine.

The group has also committed to stop sourcing goods from Russia and Belarus.

A statement from the group’s CEO and president, Ernie Herman, said: “We have taken meaningful business actions to cut ties with Russia. Consistent with our corporate values, we have committed to divest our minority investment in Familia, a Russian off-price retailer,”

“Additionally, we have instructed our buyers globally to stop buying merchandise from Russia and Belarus. While we have historically bought only a very minimal amount of product from these countries, this is an important part of our commitment as a Company to stand with the people of Ukraine.”

TJX said its executives Doug Mizzi and Scott Goldenberg have also resigned from their director and observer positions at Familia, which has more than 400 stores in Russia.

TJX has also made donations to several charities including The American Red Cross, Save the Children, World Central Kitchen, The British Red Cross Emergency Appeal, The Polish Red Cross and The Canadian Red Cross’s Ukraine Humanitarian Crisis Appeal.

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