H&M announces plans to axe 170 stores across Europe this year after sales are hit by coronavirus

Fashion giant H&M has announced plans to axe 170 stores across Europe this year in the wake of the coronavirus crisis.

The closures, which are likely to see hundreds of jobs cut, comes after sales fell by 50 per cent during lockdown throughout the continent. 

H&M Group, which also includes brands such as COS, Weekday and Monki, will close 170 stores in total, however, it has not yet announced which brands and locations will be affected. 

Fashion giant H&M has announced plans to axe 170 stores across Europe this year in the wake of the coronavirus crisis

H&M chief executive, Helena Helmersson, said in March: ‘Covid-19 continues to impact people, communities and companies around the world and I am full of admiration for our employees’ commitment, drive and perseverance during this very challenging time. 

‘The safety of our employees and customers remains our highest priority and we are reopening stores in line with decisions by the authorities.

‘Before the pandemic hit, we performed strongly – a result of many years of long-term investments to create the best offering for our customers and to meet the digital shift in the industry. 

‘This, combined with the fact that we have acted quickly to counter the negative effects of Covid-19 and that we are speeding up the transformation of the H&M Group, makes me convinced that we will come out of the current crisis stronger.’ 

More follows. 

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