Fast-fashion retailer H&M plans to layoff tens of thousands of workers worldwide temporarily, as it works through interruptions to its business from the COVID-19 pandemic. The Swedish brand has also canceled plans for dividends.
H&M, one of the world’s largest apparel retailers, has shut all of its stores in its several of its biggest markets, including Germany and the U.S. All iyd stores in the U.K. were closed last weekend. The brand closed 3,441 of its 5,062 stores worldwide. Faced with slumping sales, H&M is reviewing its business and looking for ways to cut costs. It is considering terminating some of its employees due to the negative impact of the corona situation on the business.
The brand is repurposing its supply chain to help make personal protective equipment, such as masks, to be used in hospitals that are in dire need.