Dow Jones Newswires: Hennes & Mauritz to lay off 1,500 workers, book restructuring charge of around $75.6 million


STOCKHOLM–Sweden’s Hennes & Mauritz AB said Wednesday that it expects to book a restructuring charge of just over 800 million Swedish kronor ($75.6 million) in the fourth quarter related to its cost-cutting program.

The fashion retailer

has previously outlined plans to reduce annual administrative and overhead costs by around SEK2 billion in a move that will see the loss of 1,500 jobs.

Cost savings are expected to become visible in the second half of 2023, it said.

H&M’s fiscal fourth quarter runs from Sept. 1 to Nov. 30.

Write to Dominic Chopping at

Dow Jones Newswires: Mulberry shares fall after luxury group swings to loss

Previous article

NerdWallet: Take advantage of these 3 newfangled things your car can do for you

Next article

You may also like


Leave a reply

Your email address will not be published. Required fields are marked *

More in News