Low-cost fashion chain H&M to cut 1,500 jobs worldwide

STOCKHOLM (AP) — Low-cost fashion brand H&M says it will be reducing its global workforce by around 1,500 positions as part of a plan to reduce costs and further improve efficiency in the business. The Sweden-based company said Wednesday that a restructuring charge of $76 million will be booked in the last three months of the year. The staff reduction is estimated to provide annual savings of about $190 million. CEO Helena Helmersson said H&M was “very mindful of the fact that colleagues will be affected by this,” adding that the company will support workers in “finding the best possible solution for their next step.”