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H&M cuts in the dividend and prepares for temporary lay-offs

this is a review of the costs incurred by the group. It has initiated talks regarding temporary lay-offs in many markets. ”Globally, it will most likely tens

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H&M cuts in the dividend and prepares for temporary lay-offs

this is a review of the costs incurred by the group. It has initiated talks regarding temporary lay-offs in many markets.

”Globally, it will most likely tens of thousands of employees in all areas of the business to be affected, but the exact number cannot be given at present. The company is also reviewing the possible need for dismissal of employees by reason of the coronasituationens adverse effect on the business,” the company said in a press release.

Which is the first in a series of several large-cap companies, the board of directors, now, that the dividend for the year will be discontinued.

”in light of the current situation and the uncertainty regarding market developments, the board of directors has today decided to withdraw the earlier proposed dividend of 9 of the 75 crowns per share, a total of more than 16 billion dollars, and, instead, to propose to the annual general meeting, by 2020, there will be no payment of dividends. I am convinced that this is the best thing to do at this point, in order to further enhance the company's already strong financial position in order to ensure our freedom of action in the future,” says Stefan Persson, chairman of H&M, in a statement.

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