Arizona Tribune - H&M to cut 1,500 jobs worldwide

NYSE - LSE

RBGPF	7.49%	76.2	$
CMSC	-1.04%	20.15	$
BCE	3.21%	21.81	$
CMSD	-0.76%	20.118	$
BTI	1.73%	64.08	$
RIO	-0.21%	84.38	$
NGG	2.18%	87.12	$
RELX	1.89%	41.87	$
GSK	0.32%	51.315	$
AZN	1.63%	192.15	$
RYCEF	-0.06%	16.91	$
VOD	-0.99%	16.12	$
BCC	-2.47%	76.1	$
JRI	-0.17%	11.62	$
BP	1.26%	46.19	$

H&M to cut 1,500 jobs worldwide / Photo: Fredrik SANDBERG - TT News Agency/AFP/File

H&M to cut 1,500 jobs worldwide

ECONOMY 30.11.2022

Swedish fashion retailer H&M said Wednesday it would cut some 1,500 jobs worldwide as a result of a cost-cutting programme launched following its decision to leave the Russian market.

Text size:

"The programme relates to administrative and overhead costs, and also entails reducing the workforce by around 1,500 positions," the company said in a statement.

The restructuring programme was announced in September, as the clothing giant announced a sizeable drop in third quarter profits, which was largely impacted by the company's decision to "wind down the business in Russia" following the invasion of Ukraine.

"The cost and efficiency programme that we have initiated involves reviewing our organisation and we are very mindful of the fact that colleagues will be affected by this," CEO Helena Helmersson said in the statement Wednesday.

According to H&M, the programme is expected to cost some 800 million Swedish kronor ($76 million) but would provide annual savings of around two billion kronor.

In September, H&M said it had closed just over 30 of its 172 shops in Russia.

R.Chavez--AT

Arizona Tribune - H&M to cut 1,500 jobs worldwide

H&M to cut 1,500 jobs worldwide

Featured

SCANDIC FINANCEグループ、アレックス・ボディ氏を副社長に任命

SCANDIC FINANCE 그룹, 알렉스 보디 부사장 선임

亞歷克斯・博迪獲任命為 SCANDIC FINANCE 集團副總裁

Алекса Боді призначено віцепрезидентом групи SCANDIC FINANCE