Retailer H&M announced it will close about 170 stores by the end of this year, 40 more than it had originally planned after reporting a drop in sales during the second quarter of 2020.
The Swedish firm reported that net sales were down 24 percent between Dec. 1 and May 31, and they were down 50 percent during the second quarter. It blamed the CCP (Chinese Communist Party) virus pandemic and associated lockdowns for the decline, according to a report from the company (pdf).
