IKEA Closes China Stores Due to Coronavirus Outbreak

IKEA has closed all 30 of its retail stores in mainland China until further notice due to the outbreak of the new coronavirus, the Swedish furniture company said Thursday.

Impacted employees will stay home on paid leave, IKEA said.

Major companies have cut back on operations and travel in the world's second-largest economy, where the virus has killed at least 170 people and infected more than 7,700 people in recent weeks, according to Chinese officials.

Starbucks Corp. (SBUX) has closed more than half of its stores in China, while companies including JPMorgan Chase & Co. (JPM), Ford Motor Co. (F) and Kraft Heinz Co. (KHC) have introduced employee travel bans to and from China.

(Jan 2020)