BUSINESS

H&M Set To Close 250 Stores World-wide

Hennes & Mauritz AB, the Swedish multinational clothing-retail company, known for its fast-fashion clothing for men, women, teenagers, and children, plans to cut 250 of its stores globally.

H&M operates in 74 countries with over 5,000 stores under the various company brands, with 126,000 full-time equivalent positions.

The planned closures will come next year after the firm said the COVID-19 pandemic had moved more shoppers online.

Although it said sales had continued to recover in September, they were still five percent lower than the same month in 2019.

The Readers Bureau

Edited by Jesus Chan

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