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Low-cost fashion chain H&M to cut 1,500 jobs worldwide

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STOCKHOLM (AP) — Low-cost fashion brand H&M says it will be reducing its global workforce by around 1,500 positions as part of a plan to reduce costs and further improve efficiency in the business. The Sweden-based company said Wednesday that a restructuring charge of $76 million will be booked in the last three months of the year. The staff reduction is estimated to provide annual savings of about $190 million. CEO Helena Helmersson said H&M was “very mindful of the fact that colleagues will be affected by this,” adding that the company will support workers in “finding the best possible solution for their next step.”

Article Topic Follows: AP National Business

Associated Press

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