JYSK Confirms Permanent Closure Of Russian Business

All JYSK stores in Russia have been temporarily closed since 3 March. Today, JYSK announces that the closure will be permanent, and that JYSK will withdraw completely from Russia.

After four weeks of temporary closure of JYSK's stores in Russia, it is now clear that JYSK will close permanently and leave Russia completely.

“We came to Russia with the intention of providing a great offer to the Russian population, and we had a great start in Russia, for which I can only compliment all colleagues involved. However, in the current situation the management team and our owners do not see any alternative to closing our operations in Russia,” says President and CEO of JYSK, Jan Bøgh.

JYSK will contact the owners of the buildings, which currently include a JYSK store. This is done to agree on a fair settlement under these very special circumstances.

As of 31 March, the JYSK stores in Russia will reopen temporarily to carry out a discontinuation sale to empty the stores. Once the products in the stores have been sold, the stores will be closed permanently.

JYSK employees will receive salary in accordance with local rules as part of the closing.

“No one in the management team feels good about this situation. Me included. However, I have no doubt that this is the right thing to do. I want to thank all of our Russian colleagues for their efforts, and I wish them the best of luck in the years to come,” says Jan Bøgh.

Source : JYSK

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