Fashion giant H&M has announced plans to axe 170 stores across Europe this year in the wake of the coronavirus crisis.
The closures, which are likely to see hundreds of jobs cut around the continent, come after sales fell by 50 per cent in the midst of the pandemic.
The high street retailer was forced to close shops for three months during lockdown, though has since reopened with new safety measures and reduced hours.
Now an extra 40 stores have been added to its list of proposed closures, though 130 branches will reopen elsewhere.
Fashion giant H&M has announced plans to axe 170 stores across Europe this year in the wake of the coronavirus crisis
H&M Group, which also includes brands such as COS, Weekday and Monki, will close 170 stores in total, but it has not yet announced which brands and locations will be affected.
It comes just hours after newspaper company Reach, which publishes titles including the Mirror, Express and Daily Star, confirmed some 550 jobs, equivalent to 12 per cent of its workforce, was to be axed.
The overhaul, designed to cut costs by £35 million a year, came as Reach reported a 27.5 per cent decline in quarterly revenue.
The firm, which also produces regional dailies such as the Liverpool Echo and the Manchester Evening News, said it was facing ‘structural change’ in the sector, accelerated by the pandemic.
Meanwhile, Pret a Manger also announced plans yesterday to axe 30 stores, putting 1,000 jobs at risk, as Britain’s High Street bloodbath continues.
The coffee chain is looking to ‘reduce headcount across remaining UK shops to reflect lower footfall, rental costs and new safety measures’.
It said Covid-19 has seen sales plummet by 74 per cent, meaning it had to make a ‘difficult decision’.
Pret is the latest high street victim of the virus, following drastic cuts at numerous other stores including rivals Uppercrust as well as John Lewis and Harrods.
Almost 200,000 workers at household-name companies have been laid off since the start of lockdown, analysis shows.
Chanceller Rishi Sunak faces a plea to keep Britain in work as the scale of the jobs bloodbath became clear.
He was told this week his focus needs to be on ‘jobs, jobs, jobs’ in his mini-Budget tomorrow.
Senior figures warned the job losses so far will be just the ‘tip of the iceberg’ unless dramatic action is taken.
Major layoffs have hit sectors such as retail, travel, hospitality and manufacturing, all of which have been shaken by the coronavirus pandemic.
Data collated by the Daily Mail shows 59 household-name companies have cut more than 195,000 roles since lockdown began in March.
Some of the biggest have been at Heathrow Airport, which has laid off 25,000 staff, British Airways, which is axing 12,000, and Rolls-Royce, which is cutting 9,000 jobs.
Thousands of smaller companies have also been reducing their staff. A total of 2.8million are claiming Jobseeker’s Allowance or Universal Credit while searching for a job, according to official data.
H&M chief executive, Helena Helmersson, said in March: ‘Covid-19 continues to impact people, communities and companies around the world and I am full of admiration for our employees’ commitment, drive and perseverance during this very challenging time.
‘The safety of our employees and customers remains our highest priority and we are reopening stores in line with decisions by the authorities.
‘Before the pandemic hit, we performed strongly – a result of many years of long-term investments to create the best offering for our customers and to meet the digital shift in the industry.
‘This, combined with the fact that we have acted quickly to counter the negative effects of Covid-19 and that we are speeding up the transformation of the H&M Group, makes me convinced that we will come out of the current crisis stronger.’