H&M announces plans to permanently close 170 stores across the globe
H&M has announced plans to close 170 of its stores as a result of declining sales amid the coronavirus crisis.
The company said that the closures, which are likely to see hundreds of job losses, come after sales dropped by a quarter in June due to the impact of the pandemic and lockdowns in key regions.
The Swedish retailer reopened hundreds of its UK stores last month after the government gave non-essential retailers the green light to welcome customers again.
H&M said in its second quarter report to investors that it increased its previous closure plans by around 40 stores after feeling the impact of the virus. The group added that it also intends to open 130 new stores elsewhere during the current year.
At the end of June, H&M said that 350 of its stores, representing seven per cent of all sites, were still closed as a result of the pandemic.
Helena Helmersson, chief executive officer of the group, said: “I am full of admiration for our employees’ commitment, drive and perseverance during this very challenging time.
provided by www.independent.co.uk
Other News
Innovations in Home Textiles Industry: Revolutionising Comfort & Style
Decoding Germany’s Budget Crisis and its Likely Impact on the Textile-Apparel Industry
Best quality fabrics for clothes | Top 10 textile countries in the world
Best quality fabrics for clothes | Top 10 textile countries in the world
What is jacquard fabric? Different types of jacquard fabric.
Consumer Textile Recycling: Emerging Technologies Shaping Sustainable Fashion
Factors that will Impact the Textile Value Chain in 2023
Solving Fabric Waste for a Greener Fashion World
Eco Innovation in Fashion: Revolutionising the Industry
Denim Brands: Moving Towards a Greener Future
Functional Textiles: Blending Innovation with Sustainability
Organic Fabrics for Sustainable and Luxurious Living
Differences in foot shape when wearing wedge-heeled shoes with elevated forefoot height and heel height
Introduction of pvc leather fabric
Original Leather in Pakistan; Natural Thick High Resistance Durability Soft Flexible
Silk Tricot Fabric; Circular Weaves Sturdy High Resistance Not Irritated Skin
How useful was this post?
Click on a star to rate it!
Average rating 0 / 5. Vote count: 0
No votes so far! Be the first to rate this post.