Cisco, Nike Quit Russia, As Pace Of Western Firms Leaving Speeds Up.

0 31

U.S. companies Cisco Systems (CSCO.O) and Nike (NKE.N) plan to fully exit Russia; the two firms told Reuters on Thursday, as the pace of Western firms departing accelerated.

Telecoms equipment maker Cisco will wind down its business in Russia and Belarus, the company said. Nike (NKE.N) is making a full exit from Russia three months after suspending its operations there, the sportswear maker said. That has encouraged some businesses to accelerate their departure.
Cisco suspended business operations, including sales and services, in Russia in March.

They may now have to depend on older equipment and domestic alternatives. Cisco has offered relocation options to its few hundred employees in those countries, it said.

RIVALS MAY BENEFIT
Companies heading for the exit may struggle to return, said Musgrave. Nike said on March 3 it would temporarily suspend operations at all its Nike-owned and operated stores in Russia. It has now decided to leave entirely, it said Thursday.
Cisco and Nike join the likes of McDonald’s and Renault in making complete exits from Russia.
Nike’s rival Adidas said in March it was shutting its Russian stores and pausing online sales.
Adidas currently has no plans to resume business in Russia, the German sportswear company told Reuters on Thursday.
-Reuters.

Leave A Reply

Your email address will not be published.

%d bloggers like this: