Beauty & Fashion

The biggest clothing companies are closing hundreds of stores

After the phenomenon of online shopping has spread greatly, which has been reinforced by the measures taken to combat the spread of Corona, the famous Swedish brand, H&M, decided to close about 250 stores around the world at the beginning of next year, which represents 5% of its current network. .

The second largest clothing retailer in the world announced this decision after it revealed a large and less-than-expected decline in its third-quarter profits.

The Swedish company’s profits before tax decreased to 2.37 billion kroner, equivalent to 265.6 million dollars, in the third quarter of the fiscal year, from 5.01 billion a year ago, and in the quarter from March to May, Corona caused a heavy loss for the company and is the first in several decades. Its sales were halved.



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