World News | H&M-JOBS CUT Low-cost Fashion Chain H&M to Cut 1,500 Jobs Worldwide
Get latest articles and stories on World at LatestLY. Low-cost fashion brand H&M said Wednesday that it will be reducing its global workforce by around 1,500 positions as part of a plan to reduce costs and further improve efficiency.
Stockholm, Nov 30 (AP) Low-cost fashion brand H&M said Wednesday that it will be reducing its global workforce by around 1,500 positions as part of a plan to reduce costs and further improve efficiency.
The Sweden-based company said a restructuring charge of 800 million kronor ($76 million) will be booked in the last three months of the year.
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The staff reduction is estimated to provide annual savings of about 2 billion kronor ($190 million).
CEO Helena Helmersson said H&M was “very mindful of the fact that colleagues will be affected by this. We will support our colleagues in finding the best possible solution for their next step.”
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H&M was founded in Sweden in 1947.
Besides the clothing retailer, the group includes brands like COS, Monki, Weekday, Cheap Monday, & Other Stories, H&M Home, ARKET and Afound.
It counts about 4,664 stores in 77 markets and has 57 online markets. (AP)
(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)