IKEA is closing in on exiting Russia

A view of the IKEA Khimki store outside Moscow. Photo: Forbes

After Moscow sent thousands of troops to Ukraine in February, many western companies have decided to leave the country. Swedish IKEA is no exception as the furniture giant seeks to negotiate its exit from Russia.

As reported by Yahoo Finance, Russia’s Industry and Trade Minister, Denis Manturov, said on Wednesday that an agreement over the sale of IKEA’s factories in Russia could be reached by the end of this year.

Although Manturov declined to disclose who the potential buyers were, he stated negotiations were ongoing.

IKEA released a statement saying the sales activities of its factories in Russia proceeded according to plan.

– We have agreed with potential buyers not to share any details with respect to them and the integrity of the sales process, IKEA said.

The furniture warehouse shut down its Russian stores in March and said it would sell factories, close offices and reduce its 15.000 employees-strong workforce in Russia.

Source: https://sg.finance.yahoo.com/news/agreement-over-ikeas-russia-sale-110427167.html

About Jeannette Hinrup

Jeannette Sophie Hinrup is a Danish environmental geographer traveling South East Asia while writing for ScandAsia.

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