The German DIY retailer OBI will transfer its Russian chain into trust management to be sold later, business daily Vedomosti reported on Tuesday. The decision follows several weeks of an open confrontation between the Russian management of the chain and the parent company.
The majority shareholder of the chain – the German holding OBI GmbH – announced a suspension of its business in Russia on March 8, along with hundreds of other foreign companies that decided to leave amid Western sanctions. The local management defied the decision of the parent company and stores remained open for another two weeks.