H&M has announced that it intends to shutter around 250 stores around the world. The retailer confirmed that it was in a position to swiftly exit the leases, or renegotiate terms, on some 1250 premises which allows it to immediately close an initial tranche of 250. This follows a fall in sales which it says were down by 16 per cent for the quarter to August.
H&M is one of a number of multichannel fashion retailers finding that customers are less likely to shop in its stores, preferring instead to browse and buy online.
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