H&M has notably kicked off the year with major news, from the controversial 'Coolest Monkey In The Jungle' shirt to just recently making the decision to close more than 100 stores.
In 2018, the Swedish clothing retailer expects to close 170 shops and open a total of 390 new ones, which is its biggest number of store closures since at least 1998.
While many may have assumed that the clothing store is closing because of the tasteless hoodie controversy, according to CEO Karl-Johan Persson, that is not the case. Mr. Persson has stated that the company “needs to transform and re-think faster and faster” and that the company’s performance was “clearly below our expectations.”
The company has seen an increase in online shopping and they had to change their plan in order to keep up with their own online stores. “The changes in customer behavior are being felt most strongly and footfall has reduced with more sales online," says Persson.
So for those of us that like to shop 'til we drop, looks like we have to scroll through H&M fashion online to fill our closets. Hopefully we can still catch amazing sales.
(Photo: Raymond Boyd/Michael Ochs Archives/Getty Images)
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