CCC Group has sold its 39 stores subsidiary in Russia

The CCC Group sold its subsidiary in Russia on May 17, 2022, CCC reported. In Russia, the Group operated through 39 stores as part of a subsidiary.

As a result of the unjustified and unprovoked aggression by Russia against Ukraine, the management board decided to discontinue supplies to the Russian market and suspend the development of CCC in Russia by discontinuing expansion plans and consequently limiting the planned operating activities. Ultimately, the subsidiary in Russia was disposed of outside the CCC Group after a day balance sheet, May 17, 2022, the company announcement.

The Group operates in Ukraine through a franchise, hence the assets other than trade receivables assigned to this market did not represent a significant value as at the balance sheet date.

Source: CCC Group and ISBnews