IKEA will sell four factories in Russia and leave the retail business in the country on pause.
“Over the past few months, the situation with business processes and supply chains around the world has deteriorated significantly. In view of this, we do not see the possibility of resuming sales in the foreseeable future. As a result, the Inter IKEA Group of Companies and the Ingka Group of Companies have decided to reduce the scale of business in Russia. <…> IKEA’s retail business in Russia remains on pause,” the statement said.
All employees will remain on staff until August 31. Studio stores in Moscow and St. Petersburg will be closed.