H&M Store Closing 170 Stores Due to Pandemic Earlier
H&M, one of the fashion retail giant has announced that they will close down 170 stores in 2020. This is due to the 23% net decrease in sales for the first half-year and a 50% decrease in sales in the 2nd quarter. The decrease in sales are affected badly by the Covid-19 situation, especially in the 2nd quarter.
The record of loss is being reported around 6.5billion Swedish krona (S$970 million) after announced by the reorganizing plan structure of their current brand position.
H&M CEO Helena Helmersson said that the company has since refocused its efforts on e-commerce sales as it continues to reopen back new stores, while at the moment, 350 stores will remain closed while some are operating under local restrictions and reduced hours.
