H&M’s New CEO Gets Tough With Plan to Eliminate 5% of Stores
- Helmersson to cut 250 stores in 2021 as inventory builds up
- She aims to solve problems that have plagued H&M for years
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Hennes & Mauritz AB Chief Executive Officer Helena Helmersson is getting tough in her first year running the Swedish fashion retailer, announcing plans to reduce the store count by 5% next year.
The CEO is making H&M’s biggest retrenchment ever as the pandemic exacerbates its record inventory buildup. The retailer said Thursday it plans to permanently shut 250 stores on a net basis in 2021 after eliminating 50 this year. The stock rose as much as 8.3%.