This COVID-19 Pandemic situation had taken a huge toll towards many business owners doesn’t matter if the business is a big one or even a small one. Many business owners had to fire a lot of their staffs so that they can control the financial condition of their company. Other than that, they also might have to close down their premises. This is what has been done by a huge clothing company ever existed that is H&M to control the expenses of their money.
H&M has decided to close in total of 250 stores starting next year because of this worrying coronavirus pandemic. This is because, the number of people tend to shop online has been increasing in a consistent pattern. This particular fast-fashion retailer has in number of 5,000 stores worldwide.
The announcement that H&M has announced on Thursday accounts for 5% of its total store count. Based on H&M’s statement on Thursday stated, “More and more customers started shopping online during the pandemic”. This discussion has lead to a temporary store closures that, at its peak, totaled about surprisingly 80% of its total store count.
