PickPoint to cease operations in Russia - source

Logistics service PickPoint is ceasing operations, national daily Kommersant reported, citing sources and a letter from company CEO.

This decision was made due to financial problems, including due to the departure of western retailers, who were PickPoint's main clientele, and the inability to get financing from the company's western investor. The paper did not say to which investor this referred.

The company stopped accepting freight from companies and individuals as of April 4. Undelivered and unclaimed freight will be returned to clients from April 6 to 30.

PickPoint operates a national network of 6,500 parcel lockers and 4,500 order pickup points across Russia.