Fashion Retail Giant H&M Slashes 1,500 Jobs To Cut Costs
Fahad Shabbir (@FahadShabbir) Published November 30, 2022 | 02:10 PM
ISTANBUL, (UrduPoint / Pakistan Point News - 30th Nov, 2022 ) :Swedish fashion retail giant H&M on Wednesday announced it will lay off 1,500 employees in a cost-cutting move. The company said it expects to save around 2 billion Swedish krona ($189.5 million) per year.
H&M's global cost and efficiency program is estimated to result in a restructuring charge of just over 800 million krona ($75.8 million) in the fourth quarter of 2022, read a statement.
"The cost and efficiency program that we have initiated involves reviewing our organization and we are very mindful of the fact that colleagues will be affected by this," CEO Helena Helmersson said.
"We will support our colleagues in finding the best possible solution for their next step," she added.
Recent Stories
Tennis: ATP Barcelona Open results - 1st update
Swiatek's perfect 10 in Stuttgart as Vondrousova stuns Sabalenka
Arandu's roads closed due to flooding
Oil tanker catches fire in Islamabad’s Blue Area
Pakistan committed to ensure safety of foreign nationals: FO
Tennis: WTA Stuttgart results - 1st update
Four passengers injured as train hit an empty vehicle
Over- speeding bus crushed to death two bike riders
Turkey's Freedom Flotilla ready to set sail for Gaza
French teen dies from heart failure after knife attack near school
Iranians appear unfazed by Isfahan blasts
UAF celebrates Int'l Chinese Language Day
More Stories From Miscellaneous
-
Transforming education sector: from job hunters to job creators
20 hours ago -
Amjad Bobby remembered on 19th death anniversary for timeless contributions to music
5 days ago -
Legendary actor Nadeem’s 26 films released on Eid-ul-Fitr days in 50 years
5 days ago -
Besant Hall Cultural Centre to celebrate evening with Sanam Marvi on 26 April
6 days ago -
Radio Bahawalpur presents program “Eidi Shidi”
9 days ago -
Radio Bahawalpur to broadcast Eid programs
11 days ago
-
DC, DPO Haripur inspect bus terminals to review fares compliance
13 days ago -
Second phase of refugees’ repatriation to start after Eidul Fitr vacations
13 days ago -
Reaping bounties as Ramazan culminates
13 days ago -
Digital transformation – a boon or bane
13 days ago -
Plants’ business: Another casualty of climate change
15 days ago -
Eid shoppers prioritize children’s joy over personal comforts
15 days ago