IKEA to Liquidate Russian Unit as Part of Sanctions-Led Pullout

Swedish furniture giant IKEA has decided to liquidate its Russian unit, limited liability company IKEA Dom, further scaling back its operations after more than a decade-long presence in the country, a corporate record showed on Tuesday, Reuters reported. Scores of consumer brands suspended operations in Russia after Moscow sent tens of thousands of troops into Ukraine on Feb. 24, with H&M, IKEA and Nike among the companies to have announced plans for a permanent exit. IKEA, the world's biggest furniture brand, shut down its stores in March and said it would sell factories, close offices and reduce its 15,000-strong workforce in Russia. Ingka group, IKEA stores owner and one of the world's leading shopping centre owners, however, has kept its "Mega" shopping malls in Russia open. On Monday, IKEA closed its final online sales reopened in July. Read more.