Ikea is massively scaling down its Russian operations, including selling its 4 factories in the country

• Ikea is scaling down its Russian operations, including closing its four factories in the country.
• It said its retail business would remain closed and it would sell out its home furnishing inventory.

Ikea is massively scaling down its Russian operations, including closing its four factories in the country, the Swedish company said Wednesday.

In early March, shortly after Russia invaded Ukraine, Ikea announced that it was pausing its operations in Russia and Belarus.

"Unfortunately the circumstances have not improved and the devastating war continues," Ikea said in a statement. "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."

It said that in Russia its retail business would remain closed and it would sell out its home furnishing inventory. Ikea has 17 stores in Russia.

Ikea also said it would lay off some workers, without specifying how many.

In addition, Ikea would start the process of selling its four factories in Russia, it said.

The statement said it would also continue its policy of no longer importing and exporting Ikea products to and from Russia and Belarus.

It will also permanently close its purchase and logistics offices in Moscow and Minsk.

"This process is currently underway and all actions and decisions taken will be guided by the IKEA values and to support our people to the best of our ability," the company said.