H&M to sell off stock before leaving Russia

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H&M will temporarily reopen its stores in Russia to sell off its remaining stock after it leaves the country.

The world's second-biggest clothing retailer said it was impossible to keep doing business in Russia because of the war in the country.

The decision came after the Swedish firm suspended all sales in Russia in March.

In Russia, H&M has more than 150 stores and 6,000 employees.

It hasn't given a time or date for its departure.

The current situation in Russia makes it difficult for us to continue our business there.

We are very sad about the impact this will have on our colleagues. We would like to thank our customers for their continued support.

Many brands have pulled out of Russia in recent months. The sanctions imposed after the invasion have made trading difficult.

Some people have left taking a moral stance on the war.

Russia accounted for 4% of H&M's group sales in the fourth quarter of 2011.

Since starting operations in Russia in 2009, the fashion giant has opened shops under other brands in its portfolio. Shoppers in Russia used to be able to order clothes from the brands Monki and Cos online.

Leaving from Russia will cost the group about two billion Swedish Krona.

The stores in Ukraine have been closed due to safety concerns.