The Swedish clothing chain Hennes & Mauritz (H&M), the second largest in the world, which also has its stores in Slovakia, announced on Wednesday (November 29) that it will cut 1,500 jobs. The aim is to reduce costs at a time when demand is weakening as consumers struggle with a sharp rise in the cost of living. TASR informs about it based on a Reuters report.

The Swedish company, which employs roughly 155,000 people, launched a plan to save 2 billion Swedish crowns (183.47 million euros per year) in September. Restructuring costs of SEK 800 million will be booked in the 4th quarter, H&M said in a statement.

The cost and efficiency program we have initiated includes a review of our organization. We are very aware that this will affect colleagues,” said director Helena Helmersson. “We will support our colleagues in finding the best possible solution for their next step,” she added.

The results will begin to show from the second half of next year, H&M said.

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