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IKEA to sell all 4 factories in Russia, lay off workers

15 June 2022 18:52 (UTC +04:00)

Swedish furniture company IKEA said on Wednesday it has decided to sell all four of its factories in Russia and reduce the scale of its business due to supply chain issues related to the war in Ukraine, APA reports citing Teletrader.

IKEA suspended operations in Ukraine in early March, however, the company noted in the latest statement that it would also start reducing the number of its employees in Russia and looking for new owners for its facilities.

"Over the past few months, the situation with business processes and supply chains around the world has deteriorated significantly... In that regard, we do not see the possibility of resuming sales in the foreseeable future," IKEA stated.