Two Russian furniture businesses ready to swoop for IKEA’s assets

Two Russian furniture businesses have expressed interest in buying IKEA’s assets following the Swedish company putting its factories up for sale.

According to a number of reports, Tvoi Dom and Hoff are considering its options on whether to purchase IKEA’s Russian factories.

IKEA recently confirmed it plans to scale down operations in Russia and Belarus as the war in Ukraine continues.

“The IKEA Retail business will remain stopped, and the workforce will be reduced, meaning that many co-workers will be affected. In order to support the scaling down process, Ingka Group plans to sell out its home furnishing inventory in Russia,” IKEA said.

“The Inter IKEA owned Industry business in Russia will reduce the workforce and start the process of finding new ownership for all four factories.”

Tvoi Dom has been reported stating that its management ‘is ready to consider commercial proposals’ for IKEA’s assets, while Hoff is also interested in ‘buying IKEA plants and renting some of its retail space’.

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