IKEA to liquidate Russian unit as part of sanctions-led pullout

MOSCOW - Swedish furniture giant 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 country, a corporate record showed on Tuesday. Scores of consumer brands suspended operations in Russia after Moscow sent tens of thousands of troops into Ukraine on Feb. 24, with H&M, IKEA and Nike among the companies to have announced plans for a permanent exit. IKEA, the world's biggest furniture brand, shut down its stores in March and said it would sell factories, close offices and reduce its 15,000-strong workforce in Russia. Ingka group, IKEA stores owner and one of th...

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