H&M set to close 3,441 stores worldwide and lay off staff to cut costs

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Following the news that clothing retailer H&M is closing 3,441 stores out of 5,062 worldwide and even laying off staff in a bid to cut costs, Andy Barr, retail expert and co-founder of online price tracking website www.alertr.co.uk said: “With the uncertainty of our current climate, it is really worrying to think that many of our favourite retailers, restaurants and pubs could be closed for the majority of the year.

“With many companies already thinking about laying off their staff, which is against current government advice, or selling all their stock to save money, it’s a concerning thought to think that many won’t be receiving any form of income if this ends up being the case.

“It is understandable that companies need to make these moves to stop themselves going under too quickly, but at the moment it is hard to see how many will be able to come back from this if this goes on for longer than we expect.

“It is advised not to spend money unnecessarily, but now would be a good time to get those items you want that may now be in the sale.”