// After over a decade in the country, Ikea is set to liquidate its Russian unit
// 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 business, Ikea Dom, 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 retailer closed its Russian stores in March and said it would sell factories, close offices and reduce its 15,000-strong workforce in the country.
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However, Ikea owner Ingka Group kept trading from its “Mega” shopping malls in Russia and reopend its in July.
At the start of the week, Ikea made its final online sale and according to the Interfax news agency’s Spark database of Russian companies, Ingka decided to liquidate IKEA Dom.
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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