The Swedish furniture maker announced a major furniture sale that it said was aimed at “creating more sustainable living spaces for the people of Sweden.”
It said it would sell up to 10,000 pairs of bedding and accessories at its stores around the country and on the Internet starting Tuesday.
The sale, which will include Ikea products, is the company’s first in the United States since it went public in 2002.
The company said it was able to cut its $10 billion debt to $1.2 billion after making a $3 billion goodwill investment in Sweden.
“This new investment and investment of our own will bring us the opportunity to grow the Swedish furniture industry and strengthen our relationships with customers and our employees,” Ikea said in a statement.
“We’re delighted to offer this opportunity to our customers in Sweden.”
Ikea, which has more than 3,000 stores worldwide, is also selling a range of furniture online.
It said Tuesday it would offer its own products at the sale, including an outdoor sofa that is made from recycled cardboard and can be repurposed as a bed.
The Swedish company said the sales were expected to generate $1 billion in annual sales.
Ikea also said it planned to create 100,000 jobs in Sweden by 2020.