Logistics service PickPoint ceases to work due to financial problems that arose after the departure of Western retailers. This was reported by Kommersant, citing two sources in the logistics market, as well as a letter from the company to partners.
According to the source, the company will deliver all previously accepted shipments, and from April 4, PickPoint will stop accepting new cargo from legal entities and individuals. Unclaimed cargo will be returned to customers from April 6 until the end of the month.
PickPoint CEO Nadezhda Romanova said in a letter to partners that the decision was due to financial difficulties and a decrease in service turnover amid the withdrawal of Western retailers. They made up the bulk of PickPoint's client portfolio, Romanova said. According to the CEO, the company also faced the impossibility of financing from a Western investor.
The PickPoint press service declined to comment. The PickPoint self-delivery network includes 6,000 parcel terminals and 4,500 pickup points in 657 Russian cities. Mikhail Burmistrov, CEO of Infoline-Analytics, said in an interview with Kommersant that it is becoming more difficult for independent players in the logistics market to compete with marketplaces.
Despite the fact that dozens of companies left Russia during more than a year of the war in Ukraine, most companies headquartered in the EU and G7 countries continue to work in Russia, economists from Switzerland found out . Since February 24, more than 1,000 foreign companies have left the Russian Federation, including Microsoft, Netflix, McDonald's, Johnson & Johnson and others.