Sat, 02 Jul 2022

IKEA to 'scale down' business in Russia, sell factories

Robert Besser
19 Jun 2022, 01:36 GMT+10

OSLO, Sweden: Swedish furniture company IKEA has said that due to the significant deterioration in supply chains around the world, it had made the "difficult decision" to scale down its business in Russia.

In a statement, the company said, "In view of this, we do not see any possibility to resume sales in the foreseeable future."

In March, IKEA temporarily closed stores in the country, but continued paying its employees.

The company also said it would start looking for new owners for its four Russian factories.

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