Obi gives Russian markets and does not receive money for it.

DThe Obi hardware store chain sells its Russian hardware stores and does not receive any money for it. On Tuesday, “all legal entities were transferred to an investor without payment of the purchase price,” the company announced Wednesday in Wermelskirchen. The approval of the competent authorities is still pending. Under the new owner, the “Obi” brand will no longer be used in Russia. The company says it is “not directly or indirectly active in Russia.”

Following Russia’s attack on Ukraine, Obi announced in early March that it was withdrawing from the market. Now that retreat is complete.

According to the Tengelmann subsidiary, it had 27 hardware stores and 4,900 employees in Russia. Compared to the total workforce, Russia accounted for about a tenth of the hardware chain: in March, Obi had a total of 48,000 employees and 670 stores in eleven countries, with the focus on Germany. Now the Russian part is gone.

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