Ikea has announced that it will be cutting 7,500 jobs worldwide as it plans to shift its focus to smaller store concepts and online shopping.
The cuts will mainly affect its offices and global functions.
The Swedish retailer will also be creating 11,500 new jobs over the next two years through the opening of the smaller stores.
Jesper Brodin, chief executive of IKEA's parent company, Ingka Group, said: “We continue to grow and perform strongly. At the same time, we recognise that the retail landscape is transforming at a scale and pace we’ve never seen before.
“As customer behaviours change rapidly, we are investing and developing our business to meet their needs in better and new ways. We will put greater emphasis on making our existing stores even better and taking the opportunity to renew and reinvent our business in a way that is inspired by our history, culture and values.”
