NIKE, Inc. (NYSE: NIKE) has decided to join a lot of Western brands that have put on hold their businesses in the country after Moscow invaded Ukraine. NIKE also disclosed that it has shut down all of its stores in Russia due to the invasion of Russia in Ukraine. The recent decision includes both the Nike-owned and -operated stores.
The American sportswear company made item purchases on its website and app unavailable in Russia earlier this week. It has directed customers to brick-and-mortar instead. In addition, the corporation said that its foundation would donate $1 million to the UN Children's Fund and the International Rescue Committee to fund relief efforts.
Putin started invasion in Ukraine, calling it a special military operation intended at removing the country's neo-Nazi rulers last week. Russian soldiers are continuing their attack on Ukrainian towns, including the capital, Kyiv, in the north, the second-largest city, Kharkiv, in the east, and the port cities of Kherson and Mariupol in the south, despite massive sanctions imposed by the West.
Furthermore, thousands of people have been killed or injured in the eight-day fighting, which has forced over a million people to escape to neighboring nations. In return, TJX Cos Inc, a U.S. off-price retailer, said it would divest its 25% ownership in Russian low-cost garment store Familia, as well as two of its executives' director and observer seats.