Fast Retailing decides to pull plug on Russia
17:45 JST, March 11, 2022
TOKYO (Jiji Press) — Fast Retailing Co., the operator of Uniqlo casual clothing stores, said Thursday that it will temporarily suspend its operations in Russia over the country’s invasion of Ukraine, changing its initial plan to continue operations there.
Fast Retailing had 50 Uniqlo stores in Russia as of the end of February this year. The company said in a statement that it has “recently faced a number of difficulties, including operational challenges and the worsening of the conflict situation” involving Ukraine and Russia.
Moves to suspend businesses in Russia are spreading among Japanese companies.
Also on Thursday, electronics and machinery giant Hitachi Ltd. announced that it will halt exports to Russia and manufacturing bases in the country in stages.
Hitachi’s operations in Russia, mainly production and sales of construction equipment, generate sales of around ¥50 billion. The company decided to stop operations, in the face of disruptions in logistics and supply chains.
Nintendo Co. plans to suspend for the time being the shipments to Russia of all products, including the Nintendo Switch video game console, company officials revealed the same day.
Mitsubishi Electric Corp. has decided to stop shipments of products, citing difficulties maintaining operations, due partly to confusion in the financial situation there.
"Business" POPULAR ARTICLE
-
Japan, U.S., Philippines to Strengthen Nickel Supply Chains; Reduce Reliance on China for Critical Minerals
-
Shinkansen to Have Private Rooms by FY 2026, JR Tokai Announces
-
Ride-Sharing Services Start in Tokyo; Kanagawa, Aichi, Kyoto, Others To Follow Suit
-
Dollar Hits 33-Year High of 151.97 Yen in Tokyo (Update 1)
-
Survey: 80% Worried About Recognizing AI as Patent Inventor; Respondents Fear Increase in Unverified Inventions
JN ACCESS RANKING
- M6.0 Earthquake Hits Japan’s Tohoku Region; Fukushima, Iwate, Miyagi Prefectures Observe 4 on Japanese Scale With No Risk of Tsunami
- Cherry Blossoms Draw Crowd to Tokyo’s Ueno Park; Viewing Season Kicks Off to Slow Start
- China Mutes Memorialization of Reformer Hu Yaobang; Memories Could Spark Critique of Xi Administration
- Shinkansen Services Suspended After Man ‘Searches for Phone’ on Tracks; Disruption Affects About 14,000 Passengers
- Whaling Mother Ship Built in Japan for 1st Time in 73 Years