80 Jobs Affected as H&M Focuses on Core Business
- H&M to close down Cheap Monday brand
- 80 jobs affected by closure
- Closure planned to be complete by June 30, 2019
- Cheap Monday store in London and online store to close on December 31, 2018
H&M has announced the closure of its Cheap Monday brand due to a negative trend in sales and profits. The fashion retailer is prioritizing its core business amidst ongoing digitalisation, affecting around 80 employees who will receive external career support and guidance for employment within the H&M group. The closure begins immediately with plans to be completed by June 30, 2019. The Cheap Monday store in London and online store will close on December 31, 2018. Anna Attemark, head of new business at H&M group, stated that the company is constantly developing its business and sees potential in other brands.
Factuality Level: 8
Factuality Justification: The article provides accurate information about H&M’s decision to close down its Cheap Monday brand due to declining sales and profits, the impact on employees, and the company’s focus on core business. It also mentions the timeline for store closures and support provided to employees. The source is clear and there are no signs of sensationalism or opinion masquerading as fact.
Noise Level: 3
Noise Justification: The article provides relevant information about H&M’s decision to close down its Cheap Monday brand and the impact on employees, but it lacks in-depth analysis or exploration of the reasons behind the decision and potential consequences for the fashion industry.
Financial Relevance: Yes
Financial Markets Impacted: H&M’s stock price and other fashion retailers
Financial Rating Justification: The closure of Cheap Monday brand by H&M impacts the company’s financial performance, which in turn can affect its stock price. Additionally, it may have an impact on other fashion retailers as well, as it shows a shift in focus within the industry and potential changes in consumer preferences.
Presence Of Extreme Event: No
Nature Of Extreme Event: No
Impact Rating Of The Extreme Event: Minor
Extreme Rating Justification: There is no extreme event mentioned in the text, and the closure of a brand within a company does not have significant impact on society or economy.
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