H&M to close hundreds of stores as online shift accelerates

STOCKHOLM: H&M plans to close hundreds of stores next year as the coronavirus crisis drives more shoppers online, the world's second biggest fashion retailer said on Thursday, after reporting a smaller than expected drop in third-quarter profit.

H&M, which over decades expanded its network of shops around the world, will aim to cut their number by a net 250 next year, representing 5% of its current network.