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Anti-Russian sanctions

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IKEA to sell factories in Russia, retail business to remain shut

On March 3, the Inter IKEA group of companies announced suspension of business processes in Russia and Belarus

© Vladimir Smirnov/TASS

MOSCOW, June 15. /TASS/. IKEA will sell its four factories in Russia and put its retail business on hold, which will result in a reduction of the workforce, the company said in a statement on Wednesday.

"Businesses and supply chains across the world have been heavily impacted, and we do not see that it is possible to resume operations any time soon. As a consequence, Inter IKEA Group and Ingka Group have now each decided to enter a new phase to further scale down the IKEA business in Russia and Belarus. The IKEA Retail business will remain suspended, and the workforce will be reduced, meaning that many co-workers will be affected. In order to support the scaling down process, Ingka Group plans to sell out its home furnishing inventory in Russia," the statement said.

The Inter IKEA owned Industry business in Russia will start the process of finding new ownership for all four factories in the Leningrad, Kirov and Novgorod regions, the company added.

"Import and export of IKEA products to and from Russia and Belarus will remain stopped. The two Inter IKEA owned purchase and logistics offices in Moscow and Minsk will close permanently," according to the statement.

Mega malls, which are part of the Ingka group of companies, will continue operating and providing consumers with access to necessary goods. Khimki Business Park will also continue working, the company said.

The Inter IKEA group of companies announced suspension of business processes in Russia and Belarus on March 3.

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Sanctions vs. Russia

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