COVID-19 impact: H&M scraps dividend, warns it may cut thousands of jobs

Hennes & Mauritz AB has announced through a statement that due to the rapid spread of the coronavirus and its impact on the business, the company is reviewing the situation market by market based on local conditions. H&M said, dialogue about temporary layoffs has been initiated in a number of markets and will be followed by further temporary layoffs in other markets that are impacted by the corona situation. The company has also decided to suspend its earlier announced dividend proposal.