24.3 C
London
Thursday, August 6, 2020

H&M to shut 170 stores this year after virus impact

Must read

Valtteri Bottas to drive for Mercedes again next season

Valtteri Bottas has been retained by Mercedes for 2021. The Finnish driver heads into this weekend’s 70th Anniversary Grand Prix at Silverstone 30 points adrift...

Zinedine Zidane: Gareth Bale ‘didn’t want to play’ against Manchester City

Real Madrid coach Zinedine Zidane has said Gareth Bale opted to miss Friday’s Champions League clash against Manchester City. Wales international Bale has fallen out...

Ohio governor tests positive for coronavirus just before Donald Trump meeting

Ohio Governor Mike DeWine has tested positive for coronavirus, just ahead of a planned meeting with President Donald Trump. The Republican governor’s office said that...

Eurotunnel sees demand return quicker than airlines

Demand for car-carrying Channel Tunnel trains is returning to pre-coronavirus pandemic levels quicker than air travel, new figures show. Some 233,172 passenger vehicles were carried...

Fashion giant H&M has said it plans to shut 170 of its stores across Europe after accelerating closure plans in the face of coronavirus.

The company said that sales dived by a quarter in June as it was still weighed down by the impact of the pandemic and lockdowns in key regions.

Weekday, Monki, COS and other brands within the Swedish fashion group are also expected to be affected by the closure plans.

H&M said in its second quarter report to investors that it increased its previous closure plans by around 40 after feeling the impact of the virus across Europe.

The group also intends to open 130 new stores elsewhere during the current year.

At the end of June, H&M said that 350 of its stores, representing 7% of all sites, were still closed as a result of the pandemic.

Helena Helmersson, chief executive officer of the group, said: “I am full of admiration for our employees’ commitment, drive and perseverance during this very challenging time.

“As we have reopened our stores, sales have begun to recover at a faster rate than expected.

“To meet the rapid changes in customer behaviour caused by Covid-19 we are accelerating our digital development, optimising the store portfolio and further integrating the channels.

“With our ambitious sustainability work we want to continue to lead fashion retail towards a more sustainable future.”

- Advertisement -

More articles

This site uses Akismet to reduce spam. Learn how your comment data is processed.

- Advertisement -

Latest article

Valtteri Bottas to drive for Mercedes again next season

Valtteri Bottas has been retained by Mercedes for 2021. The Finnish driver heads into this weekend’s 70th Anniversary Grand Prix at Silverstone 30 points adrift...

Zinedine Zidane: Gareth Bale ‘didn’t want to play’ against Manchester City

Real Madrid coach Zinedine Zidane has said Gareth Bale opted to miss Friday’s Champions League clash against Manchester City. Wales international Bale has fallen out...

Ohio governor tests positive for coronavirus just before Donald Trump meeting

Ohio Governor Mike DeWine has tested positive for coronavirus, just ahead of a planned meeting with President Donald Trump. The Republican governor’s office said that...

Eurotunnel sees demand return quicker than airlines

Demand for car-carrying Channel Tunnel trains is returning to pre-coronavirus pandemic levels quicker than air travel, new figures show. Some 233,172 passenger vehicles were carried...

Macron urges reform as Lebanese officials seek to shift blame over blast

Lebanese officials targeted in the investigation into the massive blast that tore through Beirut have sought to shift blame for the presence of explosives...
%d bloggers like this: