H&M will cut 1,500 jobs to reduce costs

Wednesday, 30. November 2022 08:54

H&M Group announced on Wednesday that the business will cut 1,500 jobs in an attempt to "reduce costs and further improve efficiency."

"The cost and efficiency program that we have initiated involves reviewing our organization and we are 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," the Swedish fashion retailer CEO Helena Helmersson said.

According to the statement, the restructuring plan is estimated to bring about SEK 800 million (~$75.80 million) in the fourth quarter of 2022.

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Author:
Baha Breaking News (BBN) / AB