H&M is on the brink of closing its 250 stores

December 23, 2020 written by

The Swedish fast-fashion retailer H&M is all set to close its 250 stores due to the coronavirus pandemic. With 5,000 stores worldwide, the retailer has decided to close down almost 5 percent of its store count.

The retailer announced that an increasing number of online shopping customers during the pandemic has resulted in temporary store closures. The retailer added that its third-quarter that encompasses sales from June to August, recovered as time went on because of store reopenings and strong and profitable growth in online shopping. Still, there was a 5 percent decline in September sales compared to the same month last year.

Mandatory Credit: Photo by Fredrik Sandberg/EPA-EFE/Shutterstock (10600293c)
Shoppers pass a H&M (H & M Hennes & Mauritz AB) shop in central Stockholm, Sweden, 02 April 2020. Swedish retailer H&M said 02 April that the company has started dialogue with with tens of thousands of staff about cutting working hours due to the coronavirus (Covid-19) pandemic effect on the market.
H&M to cut staff working hours due to Coronavirus pandemic, Stockholm, Sweden – 02 Apr 2020

 

In a press release, Helena Helmersson, CEO, H&M said, “Although the challenges are far from over, we believe that the worst is behind us and we are well placed to come out of the crisis stronger.”

Apart from H&M, other fast-fashion retailers such as Zara have also indicated the closure of 1200 stores this year and next. American Eagle Outfitters and GameStop have also recently announced closures of hundred stores due to the rise of online shopping.

 

Share on FacebookShare on Google+Pin on PinterestTweet about this on TwitterShare on LinkedIn
Article Tags:
· ·
Article Categories:
Fashion · News
banner
Lace-n-Lingerie