Estée Lauder closing all of its Russia stores

FOX Business Flash top headlines for March 8

Here are your FOX Business Flash top headlines.

Estée Lauder has temporarily halted operations at all of its stores in Russia following the country's invasion of Ukraine. 

TickerSecurityLastChangeChange %
ELTHE ESTÉE LAUDER COMPANIES INC.263.87-21.82-7.64%

In a note on its website Monday, Estée Lauder said it suspended "all commercial activity" in the country, including "closing every store we own and operate" as well as its brand sites. It also paused shipments to any of its retailers in Russia.

"The Estée Lauder Companies continues to be devastated by the tragic invasion of Ukraine," the company said. "We stand with all those that are suffering, including our employees and their families and the people of Ukraine." 

A crowd of women gathers at the window display of an Estee Lauder store in Moscow.  (Peter Turnley/Corbis/VCG via Getty Images / Getty Images)

CLICK HERE TO READ MORE ON FOX BUSINESS

The company said its "top priority" is the safety of all of its employees. During this time, it plans to support and compensate affected employees in both Russia and Ukraine. Estée Lauder is also maintaining "regular communication" with Ukrainian employees and is "offering relocation assistance for those who choose that measure of support," according to the company. 

GET FOX BUSINESS ON THE GO BY CLICKING HERE   

The move from Estée Lauder is the latest blow to Russia, whose invasion has already forced a growing number of global brands, including Airbnb, Visa, Mastercard, Apple and Mercedes-Benz, to pull out of the country.

Inter Ikea Group and H&M Group also paused their Russia operations.  

MCDONALD'S, PEPSICO URGED TO CEASE RUSSIA OPERATIONS BY NY PENSION FUND

Ikea suspended operations at all 17 of its stores and paused exports and imports.

"The war has had a huge human impact" and resulted "in serious disruptions to supply chain and trading conditions," the company said. 

Fashion brand H&M said that it's "deeply concerned about the tragic developments in Ukraine and stand with all the people who are suffering."

Nike also said on its Russian website that it can’t guarantee deliveries.

UKRAINE NEWS: IKEA, H&M PAUSE RUSSIA OPERATIONS

Companies that haven't yet paused or ended business operations in Russia are getting requests to do so. For instance, the New York State's Common Retirement Fund, one of the largest public pension funds in the U.S., is urging companies like McDonald's and PepsiCo to consider following suit amid the country's ongoing invasion of Ukraine. 

FOX Business' Lucas Manfredi and The Associated Press contributed to this report. 

Source: Read Full Article