IKEA to return to Russia in a year or two

Swedish retail giant IKEA does not plan to sell its business in Russia. Instead, IKEA intends to return within a year or two, a source close to the company said, TASS reports.

IKEA has never sold its business in other countries and it will not act so now, the unnamed source said. The company's warehouses and stores will remain closed until the company returns to Russia, while its factories, if sold, will leave the company the right to produce goods at negotiated prices.

"The stores, the so-called blue boxes, will be closed until IKEA's return, or they will possibly be rented out next year. At the same time, the company retains about 700 employees who will continue to work in offices for Swedish colleagues,” the source said, adding that the retailer would like to return to the Russian market within a year or two, after a change in the economic situation and the easing of sanctions pressure.

According to Telegram channel Mash, IKEA is still selling its business in Russia, but with an important condition — with a right to repurchase. Sources of the Telegram channel also confirmed reports about the retailer's intention to return to Russia within the next two years.