Switch Seeks $2 Billion Funding at Nearly $50 Billion Valuation Ahead of Potential IPO 
SoftBank’s LY Corp, Bain Raise Kakaku.com Bid to ¥670 Billion, Intensifying Takeover Battle 
U.S. Dollar Drops as Weak Jobs Data Boosts Fed Pause Bets, Yen Jumps on Intervention Talk 
Oil Prices Steady as U.S.-Iran Talks Ease Supply Fears Ahead of Holiday Weekend 
Asian Stocks Slide as Chip Shares Tumble Ahead of Key U.S. Jobs Report 
Denmark Central Bank Intervenes to Support Krone Peg Against Euro 
Apple Eyes Chinese Memory Chips as AI Shortage Pressures iPhone Supply Chain 
Samsung to Invest $90 Billion in South Korea to Expand AI Chip, Display, and Battery Production 
Northern Star Appoints New CEO as Activist Elliott Pushes for Leadership Overhaul 
US Resumes Dollar Shipments to Iraq After Months-Long Suspension 
Gold Price Holds Above $4,000 as Fed Rate Hike Expectations and U.S. Jobs Data Weigh on Market 
Turkey Vehicle Sales Fall 11.4% in June as Auto Market Weakens 
South Korean Stocks Tumble as AI Chip Selloff Hits Asian Markets 
South Korea Alleges Google Abused Android App Store Dominance, Eyes Major Fine 
Brazil to Phase Out Gasoline Subsidy First as Diesel Support Stays Longer 
Gold Price Today: Bullion Heads for First Weekly Gain as Weak U.S. Jobs Data Eases Rate Hike Fears 
Lockheed Martin Emerges as Frontrunner to Acquire Ultra Maritime in $3.5 Billion Defense Deal 
IKEA just debuted its furniture buy-back and resale program that is initially offered in the United States. It was reported that the Swedish furniture company has big plans of expanding this program and make it a permanent service in its store locations across the country.
According to CNBC, IKEA’s pilot program for the resale and buy-back of used furniture will be available in the Philadelphia countryside of Conshohocken from Aug. 30 to Sept. 19. After this, it will eventually be introduced to more locations.
This service is already being offered in IKEA stores in the United Kingdom and other countries, including Australia, Canada, France, Japan, Italy, Germany, and Russia. This was launched to realize the company’s goal of making its business more sustainable. It also wants to be environmentally friendly by 2030, and the program is the first step.
Under the program, fully-assembled furniture will be assessed by IKEA staff and will be graded according to the condition, age, and functionality. After the assessment, it will then be determined if it can be accepted for refurbishing and eventually be resold.
It should be noted that there are some types of furniture or items that may not be accepted in the program, such as dressers. Some of the listed eligible items for the buy-back and resell scheme are display storage, drawer cabinets, bookcases, shelves, small tables, small furniture with drawers, sideboards, dining tables, multimedia furniture, desks, cabinets, stools, and chairs that have no upholstery.
Meanwhile, members of the store’s loyalty program are eligible to sell their IKEA furniture provided that they are not worn out and just gently used. The repaired and repacked furniture will be resold in the stores’ “as-is” section at special discounted prices. As for those who brought in their used furniture, they will be receiving in-store credits.
"At IKEA, we are passionate about making sustainable living easy and affordable for the many, and want to be part of a future that’s better for both people and the planet," Fox Business quoted Jennifer Keeson, IKEA US’ country sustainability manager, as saying. "We hope the ‘Buy Back & Resell’ service inspires our customers to live a more sustainable life at home while giving their used furniture another life and a second home."
