By Colin Kellaher


TJX Cos. on Thursday said it plans to shed its Russian off-price retail chain Familia, joining a raft of companies pulling out of business in Russia following the invasion of Ukraine.

TJX, which paid $225 million for a 25% stake in Familia in 2019, said it may post a loss on the move.

The Framingham, Mass., parent of retailers T.J. Maxx, Marshalls and HomeGoods said the carrying value of its Familia stake was $186 million as of Jan. 29, reflecting the revaluing of the investment from Russian rubles to the U.S. dollar.

TJX, which doesn't have any sales in Russia or Ukraine, said a pair of its senior executive vice presidents, Doug Mizzi and Scott Goldenberg, have resigned from their positions of director and observer, respectively, on Familia's board.

Bloomberg last year had reported that Familia, which has more than 400 stores in Russia, was considering a U.S. initial public offering as early as this year.

Companies across myriad industries have moved to end operations in Russia and Belarus amid sanctions levied by the U.S. and its allies following the invasion.

Swedish furniture maker IKEA on Thursday said it is closing all of its stores in Russia, stopping production in the country and halting all exports and imports to and from Russia and Belarus.

Also on Thursday, World Wrestling Entertainment Inc. said it is ending its partnership with Russian broadcaster Match and shutting down the WWE Network in Russia, while IT consulting firm Accenture PLC said it is discontinuing its business in Russia.


Write to Colin Kellaher at colin.kellaher@wsj.com


(END) Dow Jones Newswires

03-03-22 1347ET