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H&M to Close 250 Stores


H&M is going to close it's 250 stores next year due to Covid 19 pandemic increasingly led to people to shop online, it announced on Thursday.

Hennes & Mauritz will exit the coronavirus crisis in better shape, according to its new chief executive.

The world's second biggest fashion retailer, has 5,000 stores worldwide.

"More and more customers started shopping online during the pandemic," following temporary store closures that, at its peak, totaled about 80% of its store count, H&M said in a statement Thursday.

"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," CEO Helena Helmersson said in release.

H&M rival Inditex, which owns Zara and other fast-fashion brands, said earlier this year it plans to close as many as 1,200 stores this year and next.

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