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.
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