Sweden’s H&M to Lay Off 1,500 Staff in Drive to Cut Soaring Costs and Rescue Profits

Started by Epoch-Times-Bot, Nov 30, 2022, 10:45 AM

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Epoch-Times-Bot

Nov 30, 2022, 10:45 AM
Sweden's H&M to Lay Off 1,500 Staff in Drive to Cut Soaring Costs and Rescue Profits

COPENHAGEN—Swedish fashion giant H&M on Wednesday became the first big European retailer to start laying off staff in response to the cost of living crisis despite a still tight labor market, as it tries to save 2 billion Swedish crowns ($190 million) a year.
The move by the world’s No.2 fashion retailer to reduce mainly back-office staff, comes amid surging inflation and soaring costs which have pressured companies across Europe and the United States to save cash.
The cuts by H&M, which employs roughly 155,000 people, are part of a plan laid out in September to save 2 billion Swedish crowns per year....

Source: Sweden's H&M to Lay Off 1,500 Staff in Drive to Cut Soaring Costs and Rescue Profits

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