The Swedish retailer IKEA plans to sell its plants in Russia.
The group said its retail business would remain stopped, the workforce will be reduced, and it will seek new owners for its four factories in Russia.
It said imports and exports of products to and from Russia and Belarus will also remain stopped, and that the purchase and logistics offices in Moscow and Minsk will close permanently.
“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 in a statement.
All remaining items will be sold online from July 1st. Stores will be sold, warehouses will also be sold.
Earlier, IKEA has paused operations of its stores and three woodworking factories in Russia.