H&M Set To Close 250 More Stores Next Year

H&M, one of the world’s leading fashion retailers, is planning to close 250 of its stores worldwide starting next year.

The company’s decision for the closure is due to the accelerating trend for online shopping following the COVID-19 pandemic.

“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,” said Helena Helmersson, H&M’s CEO. The company hasn’t mention the location of outlets that’ll be affected but “the numbers will differ from (national) market to market.” 

It is still unsure how many H&M stores will be closing in Malaysia, or whether its sister brands like COS or Monki would be affected.

Source: BBC