H&M to Close 170 Stores

H&M (Stockholm) will be permanently closing 170 stores, Retail Gazette reports, in part due to the financial impact of the COVID-19 pandemic. Currently, the company has roughly 5000 stores globally and it is unclear at this time which locations will be shuttered.

Other brands under the fashion group’s portfolio, like Monki, Cos, Arket and Weekday, could also be affected by the closure plans, according to Retail Gazette.

“Our physical stores are incredibly important to us and we want to ensure that we have H&M stores in the right locations … In the six month report, H&M Group has previously announced that on a global level, it will close around 170 of around 5000 stores around the world, across all of its seven brands, this will be alongside 130 store openings globally,” an H&M spokesperson said, according to Retail Gazette.

H&M still plans to open 130 new stores in 2020.