Swedish founder of Ikea says retailer cuts more jobs

Swedish flat-pack giant Ikea must cut more jobs than previously announced as the financial crisis continues to weigh on demand for its furniture, said founder Ingvar Kamprad. He didn't say exactly how many workers would be affected. In the past 10 months, Ikea already slashed 5,000 jobs globally after sales slid 7% below budget. "We need to reduce personnel further mainly within production & logistics."It's about adjusting to sales being far below budget & becoming more efficient," he said. Ikea said cuts were meant to improve efficiency at existing stores, but said there's no details about where & when they'll be made. It said Ikea will still recruit staff in the 50 new stores it plans to open. Kamprad founded Ikea in 1943 & the group now has 246 stores and around 140,000 staff globally.