H&M To Close 250 Stores
Another clothing store chain is shutting down hundreds of stores as the pandemic wreaks havoc on the retail world.
H&M announced Thursday that it would close down 250 stores, citing the pandemic and the rise of online shopping. That accounts for aabout 5 percent of the Swedish-based company’s 5,000 worldwide locations.
More than 40 retail chains have filed for bankruptcy since the pandemic began, including J. Crew, Pier 1, Lord & Taylor, and J.C. Penney.