Swedish clothing store chain H&M will close 250 stores worldwide due to the pandemic.
The retailer scheduled store closures for 2021. According to the chain, even though sales are beginning to recover from the pandemic's first wave gradually, they are still 5% lower than the same period last year.
In total, H&M has about 5 thousand stores around the world. Of these, 166 remain closed due to coronavirus. The company said it plans to increase investment in digital technology to sell more online.
"Even though there are still problems, we believe the worst is over. "We have every opportunity to overcome the crisis and become stronger," H&M CEO Helena Helmersson said.
Earlier, Malls.com announced that the Spanish company Inditex, which owns brands Zara, Pull/Bear, Massimo Dutti, Bershka, and Oysho, will close about 1.2 million stores worldwide.