H&M group to close 170 stores this year

H&M Group, which also includes brands such as COS, Weekday and Monki, is to permanently close 170 stores in total, in a move that could result in hundreds of job cuts. The chain said it's shifting its focus to online after sales fell 50% during the pandemic. In a company statement, H&M said it saw a 23% net decrease in sales for the first half of the year and a 50% decrease in sales for the second quarter.