• IKEA’s Russian unit is a limited liability company
furniture giant IKEA has decided to sell its Russian unit, IKEA Dom
LLC, further scaling back its operations after more than a decade-long
presence in the country,
Reuters reported on Tuesday, citing a corporate record.
Several
consumer-focused brands suspended their operations in Russia after
Moscow initiated an unprovoked invasion into Ukraine on February 24,
with H&M, IKEA and Nike (NYSE:
NKE) among the companies to have
announced plans for a permanent exit.
IKEA,
the world’s largest furniture brand, shut down its stores in March and
said it would sell factories, close offices and cut 15,000 jobs in
group, the owner of IKEA stores and one of the world’s leading shopping
centre owners, however, has kept its shopping malls open in Russia.
The
report said Ingka Holding Europe B.V. has decided to liquidate IKEA
