Retail giant H&M has announced it will close 240 stores across the world following a slowdown in sales. The company said it will open some 95 new stores and shut around 240 stores this year.
The retailer, which has more than 5,000 branches worldwide, said closures will "mainly be in established markets", with openings in "growth markets". The plans to close 250 stores were announced as part of its recovery strategy from the coronavirus pandemic.
After Russia invaded Ukraine, some 185 stores were shut in the country and online sales were also stopped. The retailer said Russia was its sixth-largest market, representing 4% of sales, the Mirror reports.
