H&M Is Closing 250 Stores Worldwide Next Year
The company made the announcement on Thursday, 1 October.
By Tamara Jayne — 02 Oct 2020, 05:26 PM
H&M recently announced that it will shut down at least 250 stores worldwide in 2021
With the ongoing pandemic, more people have been shopping online instead of visiting physical stores.
And the multinational apparel company has been no exception to this.
H&M has at least 40 outlets in Malaysia and about 5,000 stores worldwide
Closures will affect roughly 5% of its total store count. However, it is unclear if any outlets in Malaysia will be affected.
According to CNN, the company was able to recover from losses as a result of online purchases and store reopenings. But in September, sales declined compared to the same time last year.
Similarly, in June, Zara announced that it will be closing down 1,200 stores worldwide
Among other brands closing some of their stores overseas include GAP, Guess, La Senza, Aldo, and Muji.
Meanwhile, other labels like Esprit announced that it will be shutting down all of its Asian outlets, except for China.
