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.