By  on March 23, 2020

PARIS — As the wave of disruption from the coronavirus sweeps across the apparel industry, H&M is preparing to temporarily lay off tens of thousands of employees and has scrapped the payment of its annual dividend, the company said on Monday.

The Swedish fast-fashion retailer said store closures, along with “subdued demand” in markets that remain open, are having a significant negative impact on sales in March so far and it is reviewing all operations, including costs.

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