World News | Ikea to Sell Inventory, Find New Owners of Russia Business

Stockholm, Jun 15 (AP) Ikea said Wednesday that it is seeking new owners for its four factories in Russia and to liquidate its product inventory there because of the war in Ukraine.

The world's biggest furniture brand already had suspended operations at its 17 Russian stores and paused exports and imports involving the country.

Also Read | Spain Reports Worst June Heatwave in Last 20 Years, Issues High Temperature Alert.

It also paused operations in Belarus, which is a Russian ally.

“The war in Ukraine has already had a terrible impact on so many people's lives. It is a human tragedy that is continuing to affect people and communities,” Ikea said in a statement on its website.

Also Read | China-Russia Diplomatic Ties May Spoil As Beijing Bars Moscow's Planes.

“Unfortunately the circumstances have not improved and the devastating war continues,” the flat-pack furnishings retailer said.

"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."

The companies that control Ikea operations in Belarus and Russia therefore “have now each decided to enter a new phase to further scale down," the statement said.

Ikea said imports and exports of products to and from Russia and Belarus will remain stopped, and that the purchase and logistics offices in Moscow and Minsk will close permanently.

Ikea was founded by Swedish entrepreneur Ingvar Kamprad, who turned a small-scale mail order business started on his family's farm into a furniture empire in 1943 by letting customers piece together his simple and inexpensive furniture themselves. (AP)

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)