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Ikea closes all stores and factories in Russia

Ikea closes all stores and factories in Russia

Stockholm, Dec 6 (Prensa Latina) Ikea has temporarily closed all stores and factories across Russia in a move affecting 15,000 workers, becoming the latest in a swathe of western firms to halt operations in the country since it invaded Ukraine.

These facilities were reopened in past August, but ahead of Western sanctions IKEA was forced to make this new decision.

In late July, IKEA Company put its main store in Russia (now the remaining ones) up for sale after announcing the withdrawal.

The eventual buyer of this store would acquire the lease rights of around 170 stores in 65 cities in the country, a 57,700 square meter distribution center and $210 million in merchandise reserves.

According to media, 40% of IKEA’s stores in Russia have leases through 2050, while 50% has leases till at least 2030.

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