By Stephen Nakrosis
Loyalty Ventures Inc., a provider of consumer loyalty solutions, said Monday it was taking steps to pause business in Russia.
Loyalty said it will honor commitments to current programs but doesn't plan to offer new loyalty campaigns in the country "for the time being."
The company expects its decision will results in lost revenue of about $16 million for the full year 2022. For the year ended Dec. 31, 2021, Loyalty Ventures' revenue was $735 million.
Loyalty also said the vast majority of products used in its "campaign-based loyalty solutions in Russian grocery stores are sourced internationally, and none of the rewards for loyalty campaigns outside of Russia are sourced from Russian suppliers."
Write to Stephen Nakrosis at stephen.nakrosis@wsj.com
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