TJX said it might need to record an impairment due to the divestiture if the fair value of the Familia investment declines below its carrying value on the balance sheet. The stake was valued at $186 million at the end of January, lower than the $225 million TJX paid for it in 2019. TJX U.S.-based fashion retailer TJX said it would sell its 25% stake in the Russian low-cost apparel shop chain Familia. LPP sees the suspension of business in Ukraine and closing stores in Russia costing 25% of revenue. In 2021/2022, Russia was LPP‘s second-biggest market after Poland, constituting 19.2% of its full-year sales revenue. It also said Ukraine could pose a risk to sales of up to 250 million euros ($271 million), or about 1% of the group total in 2021.įourth-quarter results of LPP, Poland’s biggest fashion retailer, were hit with a 335 million zloty ($78 million) write-down, covering closure of its stores in Russia. It operates 500 stores in the country, a quarter of its total. The German sportswear company warned in March of a hit to sales from closing in Russia, without giving an estimate.
These are firms, listed by sector, that have provided cost estimates related to a temporary or permanent halt in Russia: 24 have started to report associated losses. Have a news tip? Submit news to our tip line.– Multinationals that announced their exit from Russia, or suspension of activities there, after Moscow’s invasion of Ukraine on Feb. In contrast, 19 states, as well as the District of Columbia, have passed "anti-discrimination" laws allowing transgenders to use bathrooms that correspond to their "gender identity." Since then, 16 states have introduced similar bathroom bills, according to the National Conference of State Legislatures. Target's policy came after a bathroom law passed in North Carolina, HB2, mandated that people use the restroom corresponding to their biological sex. The implementation of Target's transgender bathroom policy in 2016 ushered in an onslaught of sex offender incidents in Target store bathrooms in Dallas, Idaho, Toronto, California, Seattle and Oregon, involving men accessing women's restrooms and changing rooms. Target's doubling down on its vocal support of the homosexual and transgender agenda in the face of devastating business losses stands in stark contrast to the inverse course of events of pro-marriage Chick-fil-A, which, as Church Militant has recently reported, has only seen growth in spite of attempted boycotts by gay activists. And back then it wasn't well received we had a lot of tough feedback."
Target CEO Brian Cornell in an interview on CNBC's program Squawk Box compared the store's transgender bathroom policy to African American civil rights breakthroughs in the 1960s, saying, "A couple of weeks ago, I had one of our team members send me a note, reminding me that if we went back to the mid-sixties, our company was one of the very first to use African American models in their advertising. Target continues to grasp for alternative explanations for its loss of business, however, citing slumping electronics sales and decreases in visits to their in-store pharmacies. The losses prompted the chain to suddenly call off expansion projects, which were intended to keep Target on the cutting edge of retail, one of which involved small storefronts connected to large warehouses with robots picking products for customers, not dissimilar to what happens at an Amazon fulfillment facility. The boycott, organized by the American Family Association, has caused an ongoing plummet in Target's stock, which fell 13 percent in February alone, resulting in $15 billion worth of loss in stock value.
The policy prompted a boycott by an estimated 1.2 million people. The policy was announced on the Target website, featuring its signature bullseye logo with half of the symbol converted to a rainbow. The "Take Pride" campaign is a follow-up on the chain's so-called transgender bathroom policy, implemented last year, which allows men to use women's restrooms and vice versa.