Swedish clothing company H&M is planning to close 250 stores next year.
On Thursday, CEO Helena Helmersson said in a press release that the coronavirus pandemic had played a role in the retail chain's decision since more shoppers were buying online.
"More and more customers started shopping online during the pandemic, and they are making it clear that they value a convenient and inspiring experience in which stores and online interact and strengthen each other," Helmersson said.
Helmersson added that sales declined 5% in September compared to the same time last year.
"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," Helmersson said.
H&M has 5,000 stores worldwide. No word yet on which stores will be closing.