H&M has announced plans to permanently shut 170 of its stores after accelerating closure plans in the face of coronavirus.
The fashion giant said that sales plummeted by a quarter in June as it was still carrying the weight of the impact from the pandemic following lockdowns in key regions.The closures come after the retailer reopened hundreds of its UK stores last month once the government gave non-essential shops the green light to welcome customers again.However, the company has not confirmed how many of these closures could affect its 300 UK stores.Within the Swedish fashion group, Weekday, Monki, COS and other brands are also expected to be affected by the closure plans.Helena Helmersson, chief executive officer of the group, said: “I.