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Like many other retailers, the pandemic forced some H&M stores to close resulting in lost revenue.

\"Although the challenges are far from over, we believe that the worst is behind us and we are well placed to come out of the crisis stronger,\" said Helmersson. \"Demand for good value, sustainable products is expected to grow in the wake of the pandemic and our customer offering is well positioned for this.\"

She added, \"We are now accelerating our transformation work so that we continue to add value for our customer.\"

H&M joins a host of other companies, such as Victoria's Secret, JCPenney and several others, that have announced store closures.

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