Popular furniture company IKEA reportedly set to stop business in Russia

IKEA’s press service reportedly said that the company has decided to “scale down its business” in Russia with employees set to be “optimised”.

In the latest round of sanctions on Russia, by international companies, IKEA is reportedly set to stop a large amount of its business in the nation due to Russia’s ongoing war with Ukraine, as reported by Vesma Today.

IKEA’s alleged statement on its business decisions in Russia read:

“The situation with business processes and supply chains around the world has deteriorated a lot in the last few months.

“In view of this, we do not see any possibility of resuming sales in the foreseeable future.”

“As a consequence, the Inter IKEA Group and the Ingka Group have decided to scale down their business in Russia. This is a difficult decision, but one we believe is necessary.”

“IKEA’s retail business in Russia remains on pause. This decision will entail optimisation, which will also affect many employees.”

“MEGA malls owned by IKEA will continue to operate in Russia. But IKEA shops themselves will not operate,” the company’s press service allegedly said.

Claims have also been made that IKEA plans to sell its Russian factories, but this is still to be officially confirmed by the company.

The news on IKEA’s alleged plans to stop business in Russia, follows reports that Russia may revoke the recognition of independence of Baltic states and Ukraine, after Russian lawmaker, Yevgeny Fedorov, introduced a new bill.

Thank you for taking the time to read this article, do remember to come back and check The Euro Weekly News website for all your up-to-date local and international news stories and remember, you can also follow us on Facebook and Instagram.