H&M plans up to 588 job cuts in Spain
The Sweden-based retailer plans to close a fifth of its stores and lay off up to 588 employees in Spain. H&M currently operates 133 stores in the country and employs nearly 4 000 people
The news was first reported by local trade unions (CCOO and UGT). In a joint statement, the unions claimed that H&M had taken the decision for unspecified organisational, productive and economic reasons, and expressed their open opposition to what they called an “aggressive” decision. “We believe the measure is too aggressive, and it is possible to look for solutions which don't imply job losses”, said the unions.
The fashion retailer then confirmed to Reuters that it plans to close 28 stores in Spain and that it was “consistently” evaluating its store portfolio to stay competitive. “This involves enhancing the shopping experience in our existing stores, actively seeking out new opportunities and making informed decisions about closing stores when necessary”, explained H&M, without providing further details.
In November 2022, H&M announced a global plan to cut 1 500 jobs as part of a global cost and efficiency programme. In Spain, the company had already cut 400 jobs in 2021.
Image Credits: highxtar.com
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