Daily News
From Home Furnishing Business
IKEA Russia Sale Could Reach An Agreement by The End of The Year
December 29,
2022 by HFBusiness Staff in Business Strategy, Industry 
An agreement over the sale of IKEA's factories in Russia could be reached by the end of this year, Russia's industry minister said on Wednesday, as the Swedish furniture giant seeks to negotiate its exit from the country.
IKEA decided to close its shops in Russia after Moscow sent tens of thousands of troops to Ukraine in February in what it said was a 'special military operation.' Many other western companies - from energy producers to food and clothing chains - have left Russia.
Industry and Trade Minister Denis Manturov said negotiations were ongoing, but declined to disclose who the potential buyers were.
"IKEA aims to reach an agreement in principle with the buyer or buyers by the end of this year," Manturov said in an interview with the TASS news agency, published on Wednesday.
IKEA, the world's biggest furniture brand, shut down its Russian stores in March and said it would sell factories, close offices and reduce its 15,000-strong workforce in Russia. It reopened for a brief online fire sale during the summer.
This content was produced in Russia where the law restricts coverage of Russian military operations in Ukraine