H&M said on Wednesday that it expects the 2,500 furloughed staff at its headquarters in Stockholm to be able to return to work by July.

"As it currently stands, we will not seek to extend the furlough period for our staff at the headquarters in Sweden to the July-October period," an H&M spokeswoman said in a text message to Reuters.

The fast-fashion retailer has come under intense pressure over the past few months as the coronavirus pandemic has kept the majority of its stores around the world closed.

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H&M, the world's second-biggest fashion retailer, said on Wednesday it expects the 2,500 furloughed staff at its headquarters in Stockholm to be able to return to work by July.

"As it currently stands, we will not seek to extend the furlough period for our staff at the headquarters in Sweden to the July-October period," an H&M spokeswoman said in a text message to Reuters. A spokesperson for H&M confirmed this in a statement to Business Insider.

The fast-fashion retailer has come under intense pressure over the past few months as the coronavirus pandemic has kept the majority of its stores around the world closed.

Earlier this month, H&M reported that its overall sales had dropped by 57% between the beginning of March and the beginning of May. In the same period, its online sales were up 32%.

While it has gradually started to reopen stores, many still remain closed at this time.

Source: Business Insider

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