In the midst of its racist advertising campaign scandal, the clothing retailer is shutting down almost 200 stores nationwide because of an extremely sharp drop in revenue.
They say karma is a real b*tch and she hasn’t lost any battles. When you do dirt, you get dirt and a notable fashion retail chain is learning this the hard way.
According to Blavity, clothing retail mainstay Hennes & Mauritz (better known as H&M) is on its way off a steep cliff from the business and sales standpoint. H&M is not doing well at all commercially and as a result of that, the Swedish-based company must close around 170 of its stores in order to stay afloat.
In 2017, the company reported that it experienced a 34 percent drop in sales during the fourth quarter of that year. This is pretty pathetic because the fourth quarter is usually the best part of the year saleswise for the majority of retailers who operate in America. However, nobody is feeling sorry for H&M at all and they shouldn’t be.