The court has seized the accounts of Swedish retailer H&M, which is leaving Russia, the Shot Telegram channel reported on August 6.
As journalists found out, the court took measures to ensure the repayment of the retailer’s debts in the amount of 76 million rubles, which it must collect.
The H&M group slowed down sales in Russia in March 2022. In July 2022, apparently as a result of the launch of a special military operation in Russia, the organization announced the cessation of its work in the country. The brand’s stores sold the remaining products they had imported for some time and then, in December, closed all stores permanently.
From that moment on, shopping centres across Russia began filing massive lawsuits against the company, which did not want to pay the rent bills.
According to the latest decision of the Ninth Arbitration Court of Appeal, which agreed with the decision of the lower court, the current legislation of the Russian Federation provides for the right to execute a lease agreement unilaterally, if this is provided for in the contract between the parties. This is how the court explained the company’s refusal to Samara LLC Gudok, which demanded 266 million rubles under an agreement that expired in 2067.
Swedish company H&M Hennes & Mauritz began winding down its legal entity in Russia on June 17, 2024.
Source: Rossa Primavera
I am Michael Melvin, an experienced news writer with a passion for uncovering stories and bringing them to the public. I have been working in the news industry for over five years now, and my work has been published on multiple websites. As an author at 24 News Reporters, I cover world section of current events stories that are both informative and captivating to read.