Fashion Retailer H&M Closing 250 Stores

Pittsburgh PA

05 October, 2020

10:07 AM

Description

PITTSBURGH, PA — Fashion retailer will close 250 stores next year because of the coronavirus pandemic that has prompted people to increasingly shop online. That number represents about 5 percent of the chain's 5,000 stores worldwide. The chain announced that sales overall decreased by 5 percent in September. Third quarter-sales fell by 16 percent to $5.7 million, according to an earnings report. H&M currently has 166 stores of its stores still closed because of the outbreak. "More and more customers started shopping online during the pandemic, and they are making it clear that they value a convenient and inspiring experience in which stores and online interact and strengthen each other," H&M CEO Helena Helmersson said in the report . "Although the challenges are far from over, we believe that the worst is behind us and we are well placed to come out of the crisis stronger." Specific store closures were not announced in the report.The chain has five locations in southwestern Pennsylvania: Ross Park MallRobinson Town CentreMonroeville MallTanger Outlets, WashingtonGreensburg