What: H&M Group is closing 28 stores and laying off nearly 590 workers in Spain.

Why it is important: This move reflects the broader trend of retail industry cutbacks and the challenges faced by major brands in maintaining profitability and competitiveness in the current economic climate.

H&M Group has announced the closure of 28 of its 133 stores in Spain, resulting in the layoff of nearly 590 employees. This decision, part of the company's strategy to optimize its store portfolio and enhance competitiveness, follows a global trend of retail cutbacks and layoffs. The closures and layoffs come despite H&M's efforts to improve the shopping experience and explore new opportunities. The move is seen as a response to economic pressures and the need to streamline operations, similar to recent actions by other major retailers. H&M's decision also aligns with its ongoing efforts to manage costs and adapt to changing market conditions.

H&M's major store closures and layoffs in Spain