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IKEA to liquidate Russian unit as part of sanctions-led pullout

IKEA has decided to liquidate its Russian unit,  further scaling back its operations after more than a decade-long presence in the country. The Swedish furniture giant closed… View Article

HOME AND DIY RETAIL NEWS

IKEA to liquidate Russian unit as part of sanctions-led pullout

IKEA has decided to liquidate its Russian unit,  further scaling back its operations after more than a decade-long presence in the country.

The Swedish furniture giant closed its Russian stores in March and said it would sell factories, close offices and reduce its 15,000-strong workforce in the nation.

However, Ikea owner Ingka Group has kept its “Mega” shopping malls in Russia open.

At the start of the week, Ikea closed its final online sales which reopened in July and according to the record at Interfax news agency’s Spark database of Russian companies on Tuesday, Ingka Holding Europe B.V. decided to liquidate IKEA Dom where it is the sole owner.

IKEA Dom was established in July 2006.

In June, Ingka Group said it was open to returning to Russia one day but the conditions were not in place right now.

 

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