The US trading group TJX Companies Inc. cuts its ties to Russia in the face of the invasion of Ukraine. In a letter to the United States Securities and Exchange Commission (SEC) on Thursday, the company said it would sell its minority stake in Russian retail chain Familia. Doug Mizzi, who represented TJX on the Familia board of directors, has already resigned, and Scott Goldenberg is no longer active as an observer, said the company, which itself does not do business in Russia and Ukraine.
The retailer, which is represented in Germany by its TK Maxx chain, acquired a 25 percent stake in Familia in November 2019 for USD 225 million. At the end of January, the book value of the stake was $186 million (US$171 million), according to the company. TJX warned that sales proceeds could be lower. The difference will go into the balance sheet as a value adjustment and impact the result accordingly, the group said.