PVH Corp. said late Monday that as a result of the war in Ukraine it was temporarily closing stores and pausing operations in Russia and Belarus, effective Monday. PVH, the parent company of Calvin Klein, Tommy Hilfiger and others, suspended its e-commerce sites in Russia last week. The company said it had about 550 employees in Russia and "business partners" and the partners' employees in Ukraine. All employees in Russia will continue to receive salaries and benefits, and the company is continuing its philanthropic actions, PVH said. Shares of PVH were flat in the extended session Monday after ending the regular trading day down 15%. The company joins a growing number of businesses halting operations in Russia as a result of Russia's invasion of the Ukraine.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
