"With pride, I see our achievements over the past few years. We have successfully overcome the COVID-19 pandemic, along with several geopolitical and macroeconomic challenges," Helena expressed in a statement published alongside the company's latest financial report, quoted from CNN on Thursday, February 1, 2024."

"In early January 2024, H&M was forced to remove a school uniform advertisement in Australia after receiving complaints from social media users who deemed the campaign as 'sexualizing children.' H&M expressed regret for the offense caused by the advertisement."

Helmersson, who has worked for 26 years at H&M, is leaving the CEO position and is being replaced by Daniel Erver, former head of H&M's brand. The company consists of its largest brand, H&M, as well as & Other Stories and COS.

The announcement caused H&M shares to plummet and weaken by more than nine percent in midday trading in Stockholm, marking a 14 percent decrease in shares since the beginning of 2024. Despite the challenging business conditions, H&M also faces the challenge of restructuring its supply chain. In August 2023, the company announced the cessation of operations in Myanmar.

In its latest move, H&M plans to close more than a quarter of its stores and terminate employment for 588 workers in Spain. This mass layoff is carried out due to uncertain organizational, productive, and economic reasons, according to statements from the workers' unions CCOO and UGT.

According to Business Standard on January 30, 2024, H&M has 91 stores and nearly four thousand employees in Spain. In its latest efficiency effort, the company plans to close 28 stores. H&M's move is in line with the trend of large fashion retailers closing small stores worldwide, with major branches expanding to serve as dual-function e-commerce logistics centers.

The following is the translation of the provided 'Bahasa' text to 'English' while preserving any html tags: "Previous H&M employees have complained about excessive workload, as revealed by workers' union sources. In November 2022, H&M announced a global plan to cut 1,500 jobs in order to reduce costs, and in Spain, they have already laid off 400 employees in 2021. Source: Liputan6.com"