Corona crisis: Swedish fashion giant pulls out the red pencil - 800 positions before the end

The corona pandemic is drawing ever deeper furrows in the textile trade.

After smaller fashion chains like Adler or Pimkie, it is now also affecting a Swedish industry giant.

Hamburg - The Swedish fashion retailer

wants to cut around 800 jobs in Germany.

That corresponds to around 5 percent of all employees of the company in the Federal Republic, said a company spokeswoman on Tuesday in Hamburg.

H&M is

trying to achieve the downsizing through a volunteer program in order to avoid redundancies.

"If the number of volunteers in this program is not sufficient, the decision will be made on a social selection," said the company.  

The

crisis hit the fashion giant hard.

In the past fiscal year (November 30), the

Group's

revenues

plummeted by 18 percent to around 187 billion Swedish crowns (around 18.3 billion euros).

The group had already announced in October that it wanted to thin out its branch network.

H&M: Corona pandemic is massively affecting many clothing chains

At other fashion retailers, too, the economic situation has recently deteriorated dramatically as a result of the corona pandemic and the renewed lockdown.

Just a week ago, the fashion chain

, for example,

filed for bankruptcy.

171 branches are to be closed nationwide.

The discount fashion chain

fighting for its existence.

So that the company still has any chance of survival, the management now wants to close every second location.

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