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

by | Nov 30, 2022 | Stock Market

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
HM.B,
+0.70%
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 dominic.chopping@wsj.com

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