H&M Closing 250 Stores In 2021
H&M has announced major plans for next year. The popular retail company said it will shut down around 250 stores in 2021 as the coronavirus pandemic moves more shopping online.
RELATED: Charlotte Russe Officially Going Out Of Business
At the height of the COVID-19 pandemic lockdowns, about 80% of H&M’s stores were closed. It had affected all parts of the business, including product purchasing, investments, rents, staffing, and financing. As 9News reports, its third-quarter sales fell 16% to $5.7 million, largely as a result of the COVID-19 pandemic. Currently, 166 stores, representing 3% of its store count, remain closed, the company said.
“More and more customers started shopping online during the pandemic, and they are making it clear that they value a convenient and inspiring experience in which stores and online interact and strengthen each other,” H&M CEO Helena Helmersson said in a statement. “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,” she said of the pandemic.
As of right now, it is not yet known where the closures will take place. H&M is just one of many companies that have been greatly affected by the pandemic. However, not as bad as other major retailers which have completely gone out of business as a result of the pandemic.
Press Play Below For More:
RELATED: Amoeba Music’s Original Hollywood Location Permanently Closed