DIY chain Obi sells Russian stores

Updated on 04/13/2022 at 16:05

  • The Obi brand is historic in the Russian market.
  • All legal entities in Russia have been “transferred to an investor without paying the purchase price”, the hardware chain announced on Wednesday.

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The Obi hardware chain sells its Russian hardware – and does not receive any money for it. On Tuesday, “all legal persons were transferred to an investor without payment of the purchase price”, the company announced on Wednesday in Wermelskirchen. Approval from the relevant authorities is still pending.

Investor name unknown

Under new ownership, the “Obi” brand will no longer be used in Russia. This means that the company is “neither directly nor indirectly active in Russia”. After the Russian attack on Ukraine, Obi announced in early March that he was withdrawing from the market. Now this retreat is over.

Read also : All current information about the war in Ukraine in the live ticker

According to subsidiary Tengelmann, it had 27 hardware stores and 4,900 employees in Russia. Of the total workforce, Russia accounted for about a tenth for the hardware chain: in March, Obi had a total of 48,000 employees and 670 stores in eleven countries, with a focus on Germany. Now the Russian share is gone. (apd/afp/shift)

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