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The Hennes & Mauritz clothing chain will close 250 stores worldwide over the next year.
It is not yet known in which countries and which stores will close.
The store downsizing will take place through 2021, H&M writes in the nine-month report, which was released Thursday.
CEO Helena Helmersson also writes in the report that they believe their employees have put in a fantastic effort in the past six months, after the corona pandemic hit the world in March. Now it seems that the worst is behind us, and H&M sees that they are well placed to emerge strong from the crisis.
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Helmersson writes that they expect demand for affordable and sustainable products to increase in the wake of the pandemic.
– Now we are accelerating change work to continue increasing value for customers, he says.
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The clothing chain has been badly affected by the corona crisis, especially in the second quarter, when about 80 percent of the group’s stores closed temporarily.
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