Ikea is coming to save you money on used furniture, the Swedish furniture maker announced Thursday. The company will acquire the stores that run its Red Find store program, which offers used furniture for resale at near-wholesale prices. The acquisition will make the company “the leader in high-quality furniture for home improvement stores,” according to a statement from the company.
Every Ikea Red Find store will be purchased from Sanfirkafilm AB, an inventory warehouse company that is majority owned by the Swedish state-owned development bank. It will be the third acquisition for Ikea in the last year. Last fall, Ikea acquired a store located in Lagos, Nigeria; in May, it purchased a small store in Buffalo, New York.
The companies did not reveal the financial terms of the deals. The newspaper Dagens Industri, which broke the story, reported that Ikea would take control of the stores. Ikea confirmed that the California location, which opened in 2015 and is located in the Bay Area, would be closing this fall.
Read the full story at The New York Times.
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