H&M to close up to 170 stores in 2018, reports say
H&M will close as many as 170 stores in 2018, the latest retailer to grapple with competition from online shoppers.
Store closings by the Swedish fashion chain will reach the highest number in 20 years, Bloomberg reported. At the same time, the chain will open as many as 390 new stores, for a net addition of 220 stores, down from 388 in 2017.
The announcement comes just as H&M announced a 34 percent pretax profit drop in the fiscal fourth quarter through November, declines blamed in part on unexpectedly sluggish sales in December and January.
H&M operates more 4,350 stores around the world, including 460 stores in the U.S. with five in Alabama.