Fashion Retailer H&M Weighs Tens Of Thousands Of Job Cuts Because Of Coronavirus
Mar 23, 2020
Fast-fashion retailer H&M said Monday it is weighing laying off tens of thousands of workers worldwide temporarily, as it works through interruptions to its business from the coronavirus pandemic. The Swedish-based company also announced it has canceled its plans for dividends. H&M, one of the world’s largest apparel retailers, has shut all of its stores in its several of its biggest markets, including Germany and the U.S. All stores in the U.K. closed as of last weekend. As of Monday morning, the company said 3,441 of its 5,062 stores worldwide are closed, “which together with subdued demand in the markets that are still open, has had significant negative impact on sales so far in March.” Read more at CNBC.