Swedish retailer counts the cost of property slump
The founder of Ikea has warned that the Swedish retailer must lose more jobs to deal with the tough economic climate.

Speaking to Swedish newspaper Dagens Industri, Ingvar Kamprad made it clear that he did not believe the 5,000 jobs the company has already shed globally would be enough. "We need to decrease the number of staff further, particularly within manufacturing and logistics," he said. "It's about adjusting to sales being a lot less and becoming more efficient."

As with other furniture and DIY retailers, Ikea has been badly affected by the slump in the housing market. The company's sales are running at about 7% below its target.

Ikea has 299 stores in 36 countries; 265 of these, in 24 countries, are owned by the group itself and the rest are operated as franchises. The group has 19 stores in the UK, including sites in Edinburgh and Glasgow.