Fashion chain H&M is to permanently close 170 of its 5,000 outlets worldwide by the end of 2020 following a slump in sales caused by the COVID-19 pandemic. At the same time, it plans to open 130 new stores elsewhere during the current year.

The store closures will impact across all of its seven brands, but the Swedish retailer has not confirmed how many of its 300 UK stores will be closed. Helena Helmersson, H&M Group chief executive, said: “To meet the rapid changes in customer behaviour caused by Covid-19 we are accelerating our digital development, optimising the store portfolio and further integrating the channels.”