Ikea To Sell Russian Factories And Close Its Offices

June 15, 2022 Business, Russia

IKEA said on Wednesday it would sell factories, close offices and reduce its nearly 28,000-strong workforce in Russia, the latest move by the world’s biggest furniture brand to cut its operations there following Moscow’s invasion of Ukraine.

The move comes after IKEA temporarily closed stores and paused sourcing in Russia, joining a mass corporate exodus as Western companies rushed to comply with Western sanctions and amid threats the Kremlin would seize foreign assets.

On Wednesday, it said it did not see any possibility to resume sales in the country, where it opened its first store in 2000, in the foreseeable future.

Read the full article. The clip below is from March.

IKEA puts Russian factories up for sale, plans job cuts https://t.co/pzWCgTIcAV pic.twitter.com/5cjCviN0b0

— Reuters (@Reuters) June 15, 2022