44°
On Thursday, Oct. 1, the company said it plans to close 250 H&Ms next year.
This is up from the 170 store closures for next year the fast-fashion retailer announced in June. And it’s even more than the 130 shops, H&M predicted in February it would need to close to make ends meet.
H&M management blamed COVID-19 restrictions and the ensuing shift to online shopping among consumers as reasons to close.
"More and more customers started shopping online during the pandemic," following temporary store closures that, at its peak, totaled about 80% of its store count, H&M said in a statement Thursday.
Swedish-based H&M has about 5,000 stores worldwide but has been losing ground in the U.S. The company also announced that it would forgo opening 40 new stores in 2021 due to changes in consumer shopping.
The company closed more than 150 stores in 2019.
H&M has not disclosed which stores it is closing or when.
Click here to follow Daily Voice Hampshire Franklin and receive free news updates.
