H&M to close 250 stores after in-store trading falls due to coronavirus pandemic

High street store H&M has announced it will close 250 stores next year after the coronavirus lockdown encouraged customers to shop online.

The fashion giant has stores in Ipswich and Bury St Edmunds but it has not yet been announced which stores will be shutting.

The news comes after around a quarter of the Swedish company's 5,000 stores were able to renegotiate or exit contracts for next year following coronavirus lockdown.

H&M said it has taken 'rapid and decisive action' to manage the impact of the virus, with changes to purchasing, investments, rents, staffing and financing having been made.

Helena Helmersson, chief executive of H&M, said: “Although the challenges are far from over, we believe that the worst is behind us and we are well placed to come out of the crisis stronger.

“Demand for good-value, sustainable products is expected to grow in the wake of the pandemic and our customer offering is well positioned for this.

“We are now accelerating our transformation work so that we continue to add value for our customers.”

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