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.”
BE PART OF THE CONVERSATION
KRDO NewsChannel 13 is committed to providing a forum for civil and constructive conversation.
Please keep your comments respectful and relevant. You can review our Community Guidelines by clicking here
If you would like to share a story idea, please submit it here.