M&S pulls out of Russia

British retailer Marks & Spencer will end its franchise agreement in Russia in the coming months and joined rivals in warning about the outlook for the current year amid a worsening cost-of-living crunch.

The 138-year-old clothing and food company ceased shipments in March to FiBA, its Turkish franchise partner in Russia, and said on Wednesday it would pull out of the relationship there, taking a charge of 31 million pounds ($39 million).

Several high-profile western firms have announced plans to leave Russia since its invasion of Ukraine including McDonald's, Starbucks and Renault.

M&S had previously said it was unable to close its 48 Russian stores, which employ about 1,000 people, due to complex legal arrangements with its local partner.