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

Sweden’s H&M to Lay Off 1,500 Staff in Drive to Cut Soaring Costs and Rescue Profits
The H&M clothing store in Times Square in Manhattan, New York on Nov. 15, 2019. Mike Segar/Reuters
Reuters
Updated:
COPENHAGENSwedish 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.