Russian stores LG, Bosch and Sony sell balances before closing 27.02.2024, 19:12

Foreign equipment manufacturers LG, Bosch and Sony began selling their remaining products in Russian branded stores before completely withdrawing from the market. In this respect reports publication “Kommersant” (“Kommersant”).

Some stores of the listed brands will continue their operations until the summer, but most have already closed. Then, sales points of Grundig, Haier, Candy and many other Turkish and Chinese equipment will be opened in LG, Bosch and Sony locations. The company’s support services told journalists about this.

At the beginning of February 2024, single-brand LG and Sony stores were closed in the Moscow shopping center Afimall City. It was announced that a Grundig store (owned by Turkish Arçelik) will be opened in place of the South Korean dealer.

The main reason for store closures is the inability to supply new products during the SVO period. Only now are brands starting to abandon retail outlets because they are stuck with long-term leases. At the same time, early termination of contracts is fraught with the payment of penalties and fines for sellers.

Essentially, LG, Bosch, and Sony are closing monobrand home appliance stores because they’re the most expensive to maintain, the release notes.

Previously in Russia has become more expensive smartphones and laptops.

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Source: Gazeta

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