TJX to sell stake in Russian apparel retailer Familia

U.S. off-price retailer TJX Cos Inc said on Thursday it would sell its 25% stake in Russian low-cost apparel retailer Familia following Moscow's invasion of Ukraine.

TJX said its executives Doug Mizzi and Scott Goldenberg have also resigned from their director and observer positions at Familia, which has more than 400 stores in Russia.

As of Jan. 29, the value of TJX's investment in Familia was $186 million. The company said it expects to take an impairment charge due to the sale.