Ikea shutting down its U.S. factory

Ikea is closing its only production facility in the United States.

The Swedish home furnishings giant will end production this December at its manufacturing plant in Danville, Virginia, and move the operations to Europe, reported CNN. The facility opened in 2008 and employs about 300 people. Ikea cited costs for the decision.

"We made every effort to improve and maintain the competitiveness of this plant, but unfortunately the right cost conditions are not in place to continue production in Danville," site manager Bert Eades said in a statement in the report.

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