IKEA opens for Russia fire sale ahead of exit

STORY: IKEA opened for one last time in Russia on Tuesday (July 5).

It’s holding a fire sale to clear out stock before leaving the country.

The furniture maker said customers would only be able to buy online, with goods on sale for as long as stock lasts.

IKEA says it’s exploring options for its 17 stores in the country, which remain closed.

It still operates 14 malls in Russia under a different brand.

Now the move to sell off stock may raise eyebrows in the West, given the pressure on firms not to do business in Russia.

Scores of firms have quit the country since fighting began in Ukraine.

But only a few - including McDonald’s and Renault - have struck deals to sell or hand over assets there.

IKEA said last month it would sell factories and close offices in Russia.

Owner Ingka Group said in June it still hoped to return one day, but couldn’t say when.

The firm’s nearly 15,000 staff in Russia will be paid until the end of August.