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Nike is exiting Russia

Nike is exiting Russia



See rebranded McDonald's restaurants unveiled in RussiaReplayMore Videos ... (16 Videos)See rebranded McDonald's restaurants unveiled in RussiaCEO on why in-office work requirement is 'foolish'Powell: Recession after rate hikes certainly a possibilityWarren to Powell: Don't drive this economy off a cliffAnalyst: Gas tax holiday 'won't change people's behavior'Beyoncé's single dubbed anthem for 'Great Resignation'Gary Cohn: Fed was late on interest rate hikesHear from Apple employees on union victoryA look back at Vince McMahon, who steps down as WWE CEO amid misconduct claims How this grandmother is combating nationwide lifeguard shortageThis crypto collapse has a human costWalgreens Boots Alliance CEO: I took steps down to advance my careerWhat the interest rate hike means for youVideo: Bill Gates mocks Bored Ape NFT'sRealtor.com chief economist shares her advice for homebuyers and sellersThree reasons gas prices are expected to stay highNew York (CNN Business)Nike is the latest Western brand to leave Russia.

In a statement, the clothing manufacturer said that it has "made the decision to leave the Russian marketplace" and that its "priority is to ensure we are fully supporting our employees while we responsibly scale down our operations over the coming months."Nike (NKE) also posted a note on its official Russian website telling visitors its website and mobile app will "no longer be available in this region" and that its stores "will not reopen." It had about 100 stores in the country.Shortly after Russia's invasion of Ukraine in March, Nike suspended online and franchised store sales in Russia. However, its non-franchised stores continued to operate.Nike said in a recent earnings call that its business in both Russia and Ukraine represents less than 1% of its total revenue. The company joins McDonald's and Starbucks exiting Russia.Read More-- CNN's Uliana Pavlova and Chris Liakos contributed to this report.


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