Swedish furniture retailer Ikea said Wednesday it is taking further steps to curtail its operations in Russia and Belarus as the devastating war caused by Russia’s invasion of neighboring Ukraine 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,” the privately held company said in a statement. Ikea, which paused operations in Russia and Belarus in March, said its Inter Ikea business in Russia will reduce its workforce and start the process of finding new ownership for all four factories. The Ikea Retail business will remain halted and the workforce will be reduced, and Ingka Group will sell off its home furnishing inventory in Russia. The import and export of Ikea products to Russia and Belarus will remain halted and two Inter Ikea owned purchase and logistics offices in Moscow and Minsk will close permanently.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.