Hennes & Mauritz will close 250 stores worldwide. “Because of the corona virus, customers are more likely to buy online instead of going to the store,” says the retail chain, a phenomenon that you see everywhere.
Next year, the Swedish retail brand closed about 250 stores: five percent of the total H&M stone arsenal. For a quarter of the stores the lease will expire next year or the lease will be renegotiated. ‘This offers the group the opportunity to close some of them for good,’ reports RTL. It is still unknown which stores are involved and whether stores in the Netherlands will close. H&M had a weak third quarter in 2020. ‘Turnover fell by 16 percent to 50.8 billion Swedish krona (4.8 billion euros), while profits plummeted from 3.8 to 1.8 billion kroner,’ reports RTL.
(PvWK, source: RTL, photo: Unsplash)