Like many ready-to-wear brands, H&M has seen a sharp drop in sales in recent months due to the COVID-19 pandemic.
Hennes & Mauritz, therefore, plans to close 250 of its 5,000 stores worldwide. It is not known where the stores will be closed.
It is still working to accelerate its transformative pace through digital investments and improving its store portfolio, the group explained in its quarterly report that was shared with the media.
At the height of the crisis in mid-April, nearly 80 percent of H&M stores were temporarily closed. As of today, there are still 166 stores.