H&M closes 170 stores across Europe

Fashion giant H&M will close 170 stores across Europe due to pandemic

The high street chain will shut 170 of its stores across Europe by the end of the year due to coronavirus and the economic impact. It is unclear how many stores are in the UK.

H&M, which recently opened its stores following the lifting of lockdown measures, accelerated its closure plans due to the significant loss of sales during the height of the crisis.

These closures merely highlight a worrying trend in the retail and hospitality sectors as businesses struggle to stay afloat after seeing sales plummet. Already this week, River Island announced that it will axe 250 jobs at its HQ while Pret A Manger is set to close 30 stores, putting 1,000 jobs at risk.

Other Fashion retailers that have announced closures and redundancies since the Covid-19 outbreak include Monsoon Accessorize, Mulberry as well as Harrods, the luxury department store.