💎 Fed’s first rate cut since 2020 set to trigger market. Find undervalued gems with Fair ValueSee Undervalued Stocks

IKEA to shut Norwegian in-town service and pick-up points amid cost cuts

Published 08/29/2018, 11:31 AM
© Reuters. The logo of IKEA is seen above a store in Voesendorf

OSLO (Reuters) - Furniture retailer IKEA will shut three city center service and pick-up points in Norway as part of a drive to cut costs amid declining profits, the company said in a statement on Wednesday.

The facilities in Oslo, Aalesund and Tromsoe were opened in 2015 and 2016 in a global pilot program to test customers' appetite for alternatives to IKEA's large out-of-town stores.

IKEA now plans to cut costs in Norway by some 10 percent to help boost profits, although employees at the three sites being shut were offered jobs at its other stores, the company added.

As part of a three-year program to renew itself, IKEA said it would improve online offerings and shorten delivery times to boost appeal to customers.

© Reuters. The logo of IKEA is seen above a store in Voesendorf

(This story corrects to say facilities that are being closed are service and pick-up points, not stores)

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.