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Ikea set to liquidate Russian unit as Ukraine invasion continues

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Ikea to liquidate Russian unit as part of sanctions-led pullout
In June, Ingka Group said it was open to returning to Russia one day but the conditions were not in place right now.
// After over a decade in the country, Ikea is set to liquidate its Russian unit – Ikea Dom
// The furniture giant closed all its Russian stores in March following the nation’s invasion of Ukraine which began in February

Ikea has decided to liquidate its Russian unit, limited liability company Ikea Dom, further scaling back its operations after more than a decade-long presence in the nation.

Along with scores of other big name retailers including H&M and Nike, the Swedish furniture giant suspended operations in Russia after Moscow sent tens of thousands of troops into Ukraine back in February.

The world’s biggest furniture brand closed its Russian stores in March and said it would sell factories, close offices and reduce its 15,000-strong workforce in the nation.


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However, Ikea owner Ingka Group has kept its “Mega” shopping malls in Russia open.

At the start of the week, Ikea closed its final online sales which reopened in July and acording to the record at Interfax news agency’s Spark database of Russian companies on Tuesday, Ingka Holding Europe B.V. decided to liquidate IKEA Dom where it is the sole owner.

IKEA Dom was established in July 2006.

In June, Ingka Group said it was open to returning to Russia one day but the conditions were not in place right now.

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