Swedish fashion retailer H&asdfssdfsmp;M announced on December 1 that after withdrawing from the Russian market, they would launch a cost-cutting plan and will lay off about 1,500 people globally. It is expected that in the future It can save about 2 billion Swedish krona per year.
AFP reported that H&asdfssdfsmp;M said in a statement: In addition to administrative and management costs, this plan will also lay off 1,500 people to reduce labor costs.
H&asdfssdfsmp;M announced this reorganization plan in September this year due to a sharp decline in profits in the third quarter. H&asdfssdfsmp;M decided to “end its business in Russia” after Russia invaded Ukraine, which had a huge impact on the company’s profits.
Helenas Helmersson, CEO of H&asdfssdfsmp;M Group, said: This is a cost efficiency plan we launched after reviewing our organizational structure. We will pay great attention to the impact of this on our colleagues. impact of the project.
According to H&asdfssdfsmp;M, this plan is expected to cost about 800 million Swedish kronor, but it is expected to save 2 billion Swedish kronor per year. </p
