IKEA announces first major U.K. store closure

MILTON KEYNES, England — IKEA will close its Coventry store this summer, the company’s first closure of a major U.K. outlet. The retailer said the store has been making “consistent losses” since it opened in 2007, citing “the changing behaviour of customers in the area who prefer to shop in retail parks and online,” leading to fewer visits than expected. IKEA says it will work with the 352 affected workers in an effort to relocate them to neighbouring stores.