TK Maxx cuts ties with Russia

TK Maxx has announced it has taken “meaningful” business actions to cut ties with Russia.

The announcement comes in addition to supporting its associates and the ongoing humanitarian relief efforts.

Consistent with the firm’s corporate values, it said it is “committed” to divest its minority investment in Familia, a Russian off-price retailer.

According to TK Maxx, it “unites” with others around the world in the “condemnation” of the Russian invasion of Ukraine and deplores the “senseless” military aggression that is killing, injuring, and displacing innocent people.

It has instructed its buyers globally to stop buying merchandise from Russia and Belarus. While it said it has historically bought only a “very minimal” amount of product from these countries, it is an “important part” of its commitment as a company to stand with the Ukrainian people and everyone who is suffering.

Additionally, to support the relief efforts providing humanitarian aid to help people impacted by the war, the retailer has made donations to numerous organisations through our charitable foundations, both in the US and internationally, including: The American Red Cross, Save the Children, World Central Kitchen and The British Red Cross Emergency Appeal.

The firm said it has “many associates” from Ukraine and those living and working in nearby countries such as Poland and Germany. It also said it has associates from the wider region, including Russia, across its business, who are “needlessly” impacted by this terrifying invasion.

TK Maxx also said it is here to “support” all of its associates and continue to offer them resources, including financial, legal, and mental health support.