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H&M to close hundreds of stores as online shift accelerates
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Posted: 01/10/20 - 10:54
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H&M plans to close hundreds of stores next year as the coronavirus crisis drives more shoppers online, the world's second biggest fashion retailer said on Thursday, after reporting a smaller than expected drop in third-quarter profit.

H&M, which over decades expanded its network of shops around the world, will aim to cut their number by a net 250 next year, representing 5% of its current network.

H&M has been shutting more stores and opening fewer over the past couple of years as it adapts to the online shift that is driving more competition. The retailer said earlier this year its net number of stores would decline already in 2020.

I Call True: No big shock, just another one to add to the list unfortunately

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