IKEA will liquidate its Russian subsidiary | War in Ukraine

IKEA will liquidate its Russian subsidiary | War in Ukraine

The Swedish group closed its stores in Russia in March, where it employs around 15,000 people.

IKEA has decided to liquidate its Russian subsidiary, the limited liability company IKEA Dom, further reducing its activities in Russia after more ten years of presence in the country, a register shows on Tuesday.

IKEA is among more than 1,000 Western companies that have reduced their activities in Russia since Moscow launched its offensive in Ukraine last February.

The Swedish group closed its stores in Russia in March. It then announced in June that it intended to sell factories, close offices and reduce its workforce in the country, where it employs around 15,000 people.

IKEA Group, owner of IKEA stores in Russia, however, did not close its Mega shopping malls in Russia.

IKEA ended its last business operation on Monday online, a knockdown sale launched in early July.

According to Interfax News Agency's Spark database of Russian companies on Tuesday, Ingka Holding Europe B.V. decided to liquidate IKEA Dom, of which it is the sole owner. IKEA Dom was established in July 2006.

In June, Ingka said he was ready to return to Russia one day, but said conditions were not not yet met.

Ingka did not immediately respond to a Reuters request for comment.

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