IKEA Plans Steep Discounts in Germany

Swedish furniture giant IKEA said Tuesday it would lower its prices in Germany dramatically starting in September in order to spur business. The company said it would drop prices on by 6 percent on average, with discounts going as deep as 50 percent for bedrooms and kitchens. Despite the slow-growing economy in Germany, the company said it expects double-digit growth and an increased number of customers in 2005.