The H&M group is temporarily closing all stores across 13 countries including Germany, US, Canada and Portugal owing to COVID-19.
The fashion retailer has 460 stores in Germany, while US and Canada have 590 and 96 stores, respectively. Apart from these core markets, all its stores in Switzerland, Greece, Slovakia, Lithuania, Peru, Ukraine, the Philippines, Malaysia and Cyprus are also closed.
On the other hand, positive news is that in China, its 500 stores out of 516 have now re-opened and sales have gradually started to recover as the situation in the country keeps improving.
H&M informed that it is working extensively to manage the COVID-19 situation, the highest priority being the safety of employees and customers.
Among other things, much emphasis is being laid on adjusting buying and inventory levels going forward. All activities in the company are now being carefully evaluated – especially from a cost and risk perspective – so as to mitigate the negative effects of the situation.