IKEA retail subsidiary in Russia begins liquidation process

MOSCOW. Sept 2 (Interfax) - Ingka Holding Europe B.V., the holding company Swedish furniture giant IKEA, has begun the process of liquidating its retail subsidiary in Russia, data from the Unified State Register of Legal Entities and SPARK-Interfax analytics system showed.

Ikea Dom LLC, which operated IKEA's stores in Russia, is in the process of liquidation. Artashes Dadayan, who previously served as the representative of the receiver in the liquidation of airline Transaero , has been appointed liquidator, with the right to act on behalf of the legal entity without power of attorney.

IKEA suspended sales at its stores and online in Russia and halted production at its factories in the country on March 4.