H&M announce plans to close 250 shops as pandemic shifts sales online
Global fashion retailer, H&M, has announced plans to cut 250 jobs across its stores, as it looks to move its business towards more online sales. There are also plans for more job losses and store closures.
H&M has 5,000 stores across the world, but it is not yet clear how many store closures will be in the UK.
The Swedish firm, which is the second-largest of its kind in the world, said the closures will come next year. H&M Chief Executive Helena Helmersson said that sales had continued to recover in September due to the easing of lockdown restrictions, however, they were still 5% lower than the same month in 2019.
Pre-tax profits fell to £210m for the year-to-date figure (Jan-Aug).
Helmersson announced plans to accelerate its intentions to increase investment in its digital platform to deal with increased online demand.
She said: “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.”