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H&M Closes 3,500 Stores and Reduces Tens of Thousands of Employees



The total number of closed stores around the world reached 3440 out of 5060.
H&M Group

Swedish fashion brand H&M, the second-largest revenue retailer in the world's apparel retail market, is forced to temporarily downsize tens of thousands of employees during the suspension of operations due to coronavirus proliferation in the U.S. and Western Europe. 

H&M has recently been forced to close down in key markets, including the UK and Germany. The total number of closed stores worldwide has reached 3440 out of 5060. It is expected that the forced closure of most of the retail chain may result in the loss of several billion dollars by 2020.

H&M, like other major retailers, is expected to pay the salaries of all suspended employees during the quarantine period. It also became known today that the company has refused to pay dividends for 2019.  

Faced with a significant drop in sales, H&M said that its business development plans would be revised to reduce potential losses. The company is considering a scenario to reduce the number of employees around the world due to the negative impact on the business situation with Covid-19 worldwide. 

More about shopping malls in Sweden

Apr 3, 2020, Russia:
IKEA introduced a gallery of backgrounds for video calls that are becoming increasingly popular when working from home.
Apr 3, 2020, Germany:
Faced with an extremely adverse reaction, Adidas apologized and said it would still pay rent for April.
Apr 2, 2020, USA:
The WeWork network of coworkers has started offering tenants to halve their rents, provided they sign a lease agreement for several months.
Mar 31, 2020, France:
The brand will refocus some of its production capacity on producing masks and other protective equipment to join the global fight against the pandemic.
Mar 30, 2020, Germany:
Several major retailers in Germany have decided to stop paying rent for stores that are forced to idle due to the coronavirus epidemic.
Mar 26, 2020, USA:
McDonald's restaurant chain is forced to revise the menu as the coronavirus spreads.
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