The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
Retail Retail Trade, Except Of Motor Vehicles And Motorcycles Retail Sale Of Other Goods In Specialised Stores 47.71 - Retail Sale Of Clothing In Specialised Stores
588 jobs Number of planned job losses
Announcement Date
26 January 2024
Employment effect (start)
1 September 2024
Foreseen end date
Description
H&M, the Swedish multinational clothing retailer, has announced the opening of a collective dismissal procedure for organisational and economic reasons. The procedure will initially affect 588 employees as a result of the closure of 28 stores located in different Spanish cities.
The company has justified the closure of these 28 shops by the need to adapt its portfolio to new consumer habits. According to the trade unions, this measure is 'too aggressive', suggesting the possibility to find alternative solutions that do not involve such a massive job loss.
According to existing legislation applicable from 2023, in the event of workplace closures, the company must give formal notice to the labour authority at least six months in advance before the negotiating table is set up, sending a copy to the representative trade unions.
A previous restructuring process was recorded in the ERM database in 2021, with 349 job cuts H&M-2021-ES
Eurofound (2024), H&M, Internal restructuring in Spain, factsheet number 200725, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/200725.
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