A Nike boutique in Moscow. Photo: Vlad Karkov/SOPA Images/LightRocket via Getty Images
Nike announced Thursday that it plans to permanently close all its businesses in Russia in the coming months.
Driving the news: In March, Nike joined a slew of other global businesses in pulling back its business operations in Russia after the country's unprovoked invasion of Ukraine.
- Now it is joining corporate giants such as Starbucks and McDonald's in permanently exiting the country.
The big picture: "NIKE, Inc. has made the decision to leave the Russian marketplace. Our priority is to ensure we are fully supporting our employees while we responsibly scale down our operations over the coming months," the company said in an emailed statement.
- Last month, Russian media reported that Nike had not renewed agreements with the Russian company that operated 37 Nike-branded stores in the country, according to Reuters.
Editor's note: This article has been updated with a statement from Nike.