Ikea and TJX, the owner of T.J. Maxx and Marshalls, became the latest retailers to halt business operations in Russia, joining the growing number of Western companies condemning the country.
Ikea said on Thursday that it would halt production and retail operations in Russia, affecting 15,000 of its employees.
TJX said in a Thursday regulatory filing that it would sell its stake in the off-price retailer, potentially taking an investment loss. TJX paid $225 million for a 25 percent stake in Familia.
Ikea said in a statement that the war in Ukraine is a human tragedy. It is causing serious disruptions to the supply chain.
As the attacks on the country have worsened, more European and American businesses have stopped sales and other operations in Russia. Ikea is making donations to provide assistance to people who have been displaced by the conflict. Retailers have ranged from suspending online sales to shuttering a lot of stores.
Apple and H&M Group said they were pausing all sales in Russia. In an email, H&M said it had about 170 stores in Russia, where it first opened a location in 2009.
Canada Goose, which is based in Toronto, said on Wednesday that it would cease wholesale and e-commerce sales to Russia in light of the challenged operating environment and evolving sanctions against Russian interests.
According to The Wall Street Journal, Nike said on Thursday that it would temporarily close its stores in Russia. Nike stopped online sales. Adidas did not address its Russian sales in an email to The New York Times on Thursday, but it said it had suspended its partnership with the Russian Football Union and would take future business decisions and action as needed.
Ikea said it would continue to operate its Mega shopping centers in Russia to make sure that customers had access to essentials. It said it had secured employment and income stability for affected employees.
The carrying value of TJX's investment in Familia was $186 million as of January 29, according to the filing. The company said that two of its employees had resigned from the board of directors.