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COVID-19: Temporary Layoffs for ‘Tens of Thousands’ of H&M Employees

The fashion retailer has closed two thirds of its fleet due to COVID-19
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H&M (Stockholm, Sweden) announced in a press release that store closures amidst the global pandemic will lead to tens of thousands of temporary layoffs, though it did not give an exact number of anticipated terminations.

In order to limit the spread of COVID-19, the company has temporarily closed 3441 of its 5062 stores, including all of its U.S. locations, says Retail Dive.

The company has also decided against its dividend proposal until further notice.

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