H&M is cutting 1,500 jobs in cost reduction move
November 30, 2022
H&M is cutting 1,500 jobs as part of a global plan to reduce costs and improve efficiency. The retailer expects to save about $190 million annually as a result of its actions. CEO Helena Helmersson said the company was aware of the human costs behind its decision and that H&M “will support our colleagues in finding the best possible solution for their next step.”
Recent News
Honda Invests $11 Billion in Canadian EV Hub
Honda Motor, in partnership with undisclosed joint venture collaborators, has announced an $11 billion investment in Ontario, Canada, to establish a robust electric vehicle infrastructure.
Young Affluent Consumers Embrace Luxury Sleep Brands
A rising trend among young affluent consumers is the integration of luxury sleep brands.
Aramark Workers Strike Again at Wells Fargo Center
Aramark workers at the Wells Fargo Center have gone on strike to demand better wages and health care benefits.
Elon Musk’s OpenAI Rival xAI Is Raising $6 Billion in Funding
Elon Musk’s xAI, which came to the market 10 months ago to compete with OpenAI, has raised almost $6 billion in funding.