ITAB discontinues its operations in Russia
ITAB Shop Concept AB (publ) (“ITAB”) has decided to discontinue its operations in Russia due to the ongoing invasion of Ukraine.
ITAB has a production facility and sales offices in Russia with a total of approximately 125 employees. ITAB currently has no operations in Ukraine. The decommissioning process begins immediately with due considerations towards employees, customers, and business partners.
“Many at ITAB have colleagues, family or friends who are affected by the current situation in Ukraine. ITAB takes a firm stand against all forms of abuse and we cannot continue our activities in Russia after the Russian regime's invasion of Ukraine. We support the sanctions by the outside world and focus all our attention on ensuring the well-being of our employees as this affects us all”, says Andréas Elgaard, President & CEO of ITAB.
ITAB's decision to discontinue its operations in Russia will not have any significant impact on the company's revenue and profit as total sales in Russia amounted to approximately SEK 170 million in 2021, which corresponds to approximately 2.5 percent of ITAB's total annual sales. The decommissioning may involve some write-downs.
Jönköping, 9 March 2022
ITAB Shop Concept AB (publ)
This information was submitted for publication at 1:00 p.m. CET on 9 March 2022.
This is in all respects a translation of the Swedish original press release. In the event of any discrepancies between this translation and the Swedish original, the latter shall prevail.
220309 ITAB PR Discontinued operations in Russia Eng
Telephone: +46 732-32 16 35
Mats Karlqvist, Head of Investor Relations
Telephone: +46 70 660 31 32
ITAB Shop Concept AB (publ), Box 9054, SE-550 09 Jönköping, Sweden
itab.com, itabgroup.com
AT ITAB we help customers turn consumer brand experience into physical reality with our know-how, solutions, and ecosystem of partners. We co-create with our customers, efficient retail solutions that deliver convenient and inspiring consumer experiences. The offer includes consultative design services, custom-made interiors, checkout systems, consumer guidance solutions, professional lighting systems and interactive digital solutions for the physical store. ITAB has annual sales of approximately SEK 6.2 billion and approximately 2,900 employees. ITAB’s share is listed on Nasdaq Stockholm.