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• In March, the company had temporarily closed stores and paused operations in Russia
The furniture retailer IKEA said on Wednesday it would sell factories, close offices and reduce its workforce in Russia to scale down business in the country.
In March, the company had temporarily closed stores and paused operations in Russia and Belarus amid sanctions imposed on the country.
“Unfortunately the circumstances have not improved and the devastating war continues. 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,” the company said in a statement.
IKEA will continue to pay its employees until August this year.
Brand owner Inter IKEA said it would start the process of finding new ownership for its four factories and would permanently close its purchase and logistics offices in Moscow and Minsk.
Picture Credits: IKEA
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