IKEA plans to sell factories, reduce 15,000-strong workforce in latest Russia cuts

"Unfortunately, the circumstances have not improved, and the devastating war continues. 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," Ingka Group, which owns all IKEA stores in Russia, said in a statement. (File pic shows one of the IKEA stores in Stockholm)

STOCKHOLM: IKEA said on Wednesday it would sell factories, close offices and reduce its nearly 15,000-strong workforce in Russia, the latest move by the world's biggest furniture brand to cut its operations there following Moscow's invasion of Ukraine.

"Unfortunately, the circumstances have not improved, and the devastating war continues. 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," Ingka Group, which owns all IKEA stores in Russia, said in a statement.