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Nike won't renew franchise agreements in Russia: report
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Nike has reportedly not renewed its franchise agreements in Russia.
According to the Vedomosti daily, the head of the Inventive Retail Group (IRG) – which operates Nike stores in Russia through its subsidiary Up And Run – said the company would no longer supply goods there.
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"As supplies of goods run out IRG will be forced to close all of its shops under this brand," IRG President Tikhon Smykov was quoted as saying in a letter to employees.
Smykov said they had ended up "in a situation where that business cannot exist.