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H&M to temporarily close its stores in Germany & US

18
Mar '20
Pic: Shutterstock
Pic: Shutterstock
Due to the Covid-19 situation, the H&M (Hennes & Mauritz) group will temporarily close all its stores in Germany from March 18, 2020, based on decisions by the German authorities. In addition, the group is also closing all its stores for two weeks in the US, Canada, Portugal, and Belgium. H&M is a leading Swedish multinational clothing-retail company.

In addition to the information released on March 16, 2020, the group has according to authorities temporarily also closed all its stores in Switzerland, Greece, Slovakia, Lithuania, Peru, Ukraine, the Philippines, Malaysia, and Cyprus. The H&M group’s customers can still shop via the company’s digital sales channels, the company said in a press release.

In China, 500 stores out of 516 have now re-opened. Sales in China have gradually started to recover as the situation in the country has improved.

The company is working extensively to manage the COVID-19 situation, the highest priority being the safety of employees and customers. All activities in the company are now being carefully evaluated – including from a cost and risk perspective, so as to be able to mitigate the negative effects of the situation. Great emphasis is being placed on adjusting buying and inventory levels going forward, among other things. Further information will be provided when the interim report for Q1 is published on April 3, 2020.

Fibre2Fashion News Desk (GK)


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