Hennes & Mauritz to Cut 1,500 Jobs in Cost-Saving Plan -- Update
By Dominic Chopping
STOCKHOLM--Sweden's Hennes & Mauritz AB said Wednesday that
it will cut around 1,500 jobs as part of its previously announced
The fashion retailer said in September that it was starting a
program to reduce costs and further improve efficiency, with annual
savings of 2 billion Swedish kronor ($189 million) targeted from
the second half of 2023.
In a statement on Wednesday, H&M said the program relates to
administrative and overhead costs and it will book a restructuring
charge of just over SEK800 million in its fourth quarter, which
runs from Sept. 1 to Nov. 30.
"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," Chief Executive
Helena Helmersson said.
Write to Dominic Chopping at firstname.lastname@example.org
(END) Dow Jones Newswires
November 30, 2022 04:00 ET (09:00 GMT)
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