COPENHAGEN, Nov 30 (Reuters) - Swedish fashion giant H&M (HMb.ST) 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 labour market, as it tries to save 2 billion Swedish crowns ($190 million) a year.
Link: Sweden's H&M to lay off 1,500 staff in drive to cut soaring costs and rescue profits | Reuters
Cuts are blamed on the price of energy? I predict a lot more pain to come in this case.
1,500 jobs out of 110k+ employees is not a large number is one positive (??) point here.
Hard to sell undifferentiated apparel right now, at almost any price.