(CercleFinance.com) – H&M warned on Wednesday that it planned to record a restructuring charge of just over 800 million Swedish crowns (73.5 million euros) in its fourth quarter accounts for the cost-cutting program it implemented this year.
The clothing giant points out that this vast reorganization plan, which should result in the elimination of some 1,500 jobs, is supposed to generate annual savings of around two billion crowns (183.7 million euros) , from the end of 2023.
As of December 31, 2021, the Swedish group employed around 155,000 people.
On the Stockholm Stock Exchange, the H&M title changed little (+0.4%) on Wednesday morning following this announcement.
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