H&M to Close 250 Stores

Fast fashion retailer H&M (Stockholm) is expected to close approximately 250 stores next year, or about 5 percent of its current total, reports CNBC. The company recently reported a smaller-than-expected drop in profits during the third quarter.

“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,” said CEO Helena Helmersson.

The company says its September sales were down 5 percent year-over-year after falling 19 percent in the three months ending in August. Of its more than 5000 stores, 3 percent remain temporarily closed due to pandemic lockdowns.