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		</div><p>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.</p>
<p>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.</p>
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<p>Weekday, Monki, COS and other brands within the Swedish fashion group are also expected to be affected by the closure plans.</p>
<p>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.</p>
<p>The group also intends to open 130 new stores elsewhere during the current year.</p>
<p>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.</p>
<p>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.</p>
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<p>“As we have reopened our stores, sales have begun to recover at a faster rate than expected.</p>
<p>“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.</p>
<p>“With our ambitious sustainability work we want to continue to lead fashion retail towards a more sustainable future.”</p>
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