H&M is closing 250 stores

The fast-fashion retailer has 5,000 stores worldwide, so Thursday’s announcement is 5% of its total store count.

“More and more customers started shopping online during the epidemic,” H&M said in a statement on Thursday, after the temporary store closed, nearly 80% of store counts at its peak.

The Swedish retailer said its third quarter, which included sales from June to August, reached the point in time due to “reopening” and “strong and profitable” growth in online shopping. Nevertheless, September sales declined by 5% compared to the same month a year earlier.

CEO Helena Helmerson said in the release, “While the challenges are still not over, we believe that the worst is behind us and we are ready to come out of the crisis.”

Coronovirus has intensified the trend towards online shopping, which was already disrupting the retail industry and beating major chains before the epidemic. H&M rival Inditex, which owns Zara and other fast-fashion brands, said it plans to close 1,200 stores earlier this year and next.
H&M (HNNMY) And Inditex is not the only retailer to feel the pinch. American eagle outfits (AEO) And GameStop (GME) Recently announced plans to close hundreds of stores as online shopping grew.

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