International fashion giant H&M to close 28 stores and axe 588 staff in Spain

The company, based in Sweden, posted an increase in net profit of 61% to 7,147 million kronor (about 612 million euros) in the first nine months of the last financial year

C. A.

Madrid

Monday, 29 January 2024, 14:54

H&M, the multinational fashion company based in Sweden, has announced plans to shut 28 stores in Spain and make almost 600 staff redundant.

The retail giant informed Spain's main worker's union CC OO of the collective redundancy, which will affect 588 workers. The negotiation process will start in September.

The company said the move is inevitable due to organisational, productive and economic reasons within its shops in Spain. More redundancies will also happen within H&M's Barcelona offices.

The unions pointed out, in the event of closures, the company must notify Spain's labour authority at least six months in advance, which is why H&M has revealed its plans now.

But it is not the first time H&M has wielded the axe in Spain. In 2021, the retailer revealed plans to make 1,000 employees redundant (approximately 20% of the workforce at the time), although after weeks of protests and negotiations, just 349 affected workers were affected.

The company, based in Sweden, posted an increase in net profit of 61% to 7,147 million kronor (about 612 million euros) in the first nine months of the last financial year (December 2022 - August 2023).

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