H&M: closes Cheap Monday brand, cuts 80 jobs
(CercleFinance.com) - Swedish fashion giant H&M will close its jeans business Cheap Monday, laying off 80 employees in Tranas and Stockholm, the company said on Tuesday.
The group said Cheap Monday's "traditional" wholesale business model has faced "major challenges" due to the shift in the industry, coupled with ongoing digitalisation.
In a statement, H&M said that "there has been a negative trend in Cheap Monday's sales and profits for a long time."
The closure is planned to start immediately, with the group aiming to complete it by 30 June 2019. The London store and online shop will close by the end of the year, H&M said.
Copyright (c) 2018 CercleFinance.com. All rights reserved.
The group said Cheap Monday's "traditional" wholesale business model has faced "major challenges" due to the shift in the industry, coupled with ongoing digitalisation.
In a statement, H&M said that "there has been a negative trend in Cheap Monday's sales and profits for a long time."
The closure is planned to start immediately, with the group aiming to complete it by 30 June 2019. The London store and online shop will close by the end of the year, H&M said.
Copyright (c) 2018 CercleFinance.com. All rights reserved.