Ikea to sell plants in Leningrad, Kirov, Novgorod regions

MOSCOW, Jun 15 (PRIME) -- Sweden's furniture retailer Ikea will scale down its business in Russia, which will include the sale of all of company's four facilities in the Leningrad, Kirov and Novgorod regions, the company said in a statement on Wednesday.

"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," Ikea said.

"As a consequence, Inter IKEA Group and Ingka Group have now each decided to enter a new phase to further scale down the IKEA business in Russia and Belarus."

The company also plans to start reducing the staff, sell the inventories. The company will no longer import and export products to Russia and will close the logistics office permanently.

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