Ikea to sell inventory, find new owners of Russia business

STOCKHOLM (AP) — Ikea says it’s seeking new owners for its four factories in Russia and to liquidate its product inventory there because of the war in Ukraine. The world’s biggest furniture brand already had suspended operations at its 17 Russian stores and paused exports and imports involving the country. It also paused operations in Belarus, which is a Russian ally. Ikea said in a statement on its website on Wednesday, “Unfortunately the circumstances have not improved, and the devastating war continues.” The flat-pack furnishings retailer added, “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.”