This popular clothing chain has just announced that it was the closing of 240 stores
The large retail closures still occur in 2022.
We lost a part ofOur favorite companies Following the Pandemic of Covid:Big Name Companies As Lord & Taylor, Fry's electronics, the imports of the Pier 1 and Stein Mart permanently closed all their stores in the last two years, while others were to clog hundreds of locations. But even though Covid numbers have decreased, store closures are always a reality for businesses and consumers. In fact, a popular clothing chain has just announced that it intends to closely close nearly 250 locations this year. Read on to know which store you are about to see a lot less.
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H & M closes 240 stores.
H & M has just announced that it isShutter planning 240 stores this year, Yahoo Finance reported on March 31. According to the outlet, the Swedish retailer has about4,800 stores globallyAnd the location of its closures has not yet been announced.AE0FCC31AE342FD3A1346EBB1F342FCB
The global sales of H & M increased by 23% from 2021 to 20 to 20 February, by Yahoo Finance. But this figure was still down 11% from which the company was two years ago, just before the success of the pandemic. In the last quarter, H & M said he had been strongly affected by the spread of OICKON, as well as "impacted by in-depth restrictions" in some countries.
The company also plans to also open new locations.
The Swedish retailer plans to open 95 new stores this year too, reported Yahoo Finance. According to the outlet, this will result in a net decrease of about 145 spaces. "Most openings will be in the growth markets, while closures will be mainly on established markets," said H & M in a statement.
In 2022, H & M should embark on six new markets, with one of these markets-Cambodia - having already opened this month. According to Yahoo Finance, other markets will be Ecuador, Kosovo, North Macedonia, Costa Rica and Guatemala. And in 2023, the company said she plans to open her first store in Albania.
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H & M recently paused in some countries.
The recent closing announcement is not the first time H & M has decided to close operations for some of its stores this year. Earlier this month, the company announced that it was a temporary break all sales in Russia in protest ofThe invasion of the country of Ukraine,The New York Times reported.
"The H & M group isdeeply concerned About tragic developments in Ukraine and are found with all people who suffer, "said the company in a statement, adding that she" cares about all colleagues and joins all those in the world calling peace. "
H & M also temporarily closed all its stores in Ukraine "due to the safety of customers and colleagues". Overall, the temporary closures of society ended up touching 185 stores in Russia, Belarus and Ukraine, according to Yahoo Finance. And the retailer also ceased online sales in these countries.
The company has just reported a significant decrease in sales growth.
H & M recently revealed that store closures in Russia, excessive spending and COVID's new disturbances have hurt their business,Wall Street's Journal According to March 31, H & M said that its shop closures in Russia, Ukraine and Belarus slowed sales growth in March at 6% by 18% in its first quarter, which ended the February 28th.
Until this point, Russia had strong growth with the company as its sixth largest market and one of the most profitable. But as a result of recent falls earned,Helena Helmersson, the Director General of the Company saidWall Street's Journal that the future of society in Russia is not clear. "It is too uncertain to say what will happen and what kind of decisions we will take, "she said." The obvious question for all companies is now about the future. "
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