MOSCOW, November 8. /TASS/. The FES Retail company managing the brands RE (formerly Reserved), CR (formerly Cropp), M (formerly Mohito), SIN (formerly Sinsay) and HS (formerly House) plans to close around 50 stores in Russia, according to a statement released on Tuesday.
"The FES Retail company plans to optimize its business, shuttering some of its stores, following the example of other large fashion retailers. Around 50 outlets are subject to closing," the statement reads.
Locations with low sales, as well as stores in shopping centers where the rental conditions are no longer attractive to the retailer, are in question, the company explained. The retailer plans to consolidate goods in all its remaining outlets, whose number surpasses 500, according to the statement. It also plans to prepare special offers and discounts to buyers as part of the Black Friday sales promotion, the company added.
The UAE-registered Far East Services - FZCO acquired shares of Russia’s subsidiary of the Polish retailer LPP SA, which owns the brands Reserved, Cropp, House, Mohito and Sinsay, in July 2022. It owns 95% of the retailer’s charter capital. The other 5% was purchased by Director General of LPP S.А. in Russia Anna Pilyugina.