Covid-19 casualties: H&M, Gap, Zara, and other famous fashion brands are closing their physical stores worldwide. While retail businesses are gradually reopening their physical stores after months of closure due to the coronavirus pandemic and subsequent lockdowns, some have unfortunately been unable to recover and are shuttering permanently. And you’ll be surprised by the big names on the list of physical store closures worldwide, as it may be unthinkable that they would be facing financial issues. But as we all know, Covid-19 has been one heck of a game-changer for everyone and it looks like the apparel industry has been unable to escape unscathed either.
Covid-19 casualties – Aldo, H&M, Esprit, Victoria’s Secret, Gap, Guess, and Zara
Aldo. In May, it was reported that Aldo had filed for bankruptcy protection from creditors in Canada to stabilize the business. This well-known Canadian footwear brand, which has over 3,000 stores in about 100 countries. H&M has announced that it is closing 170 stores worldwide this year. The exact affected locations have not yet been announced. The Swedish fashion brand reported a 50 percent drop in sales during the second quarter of 2020. Esprit. In April, clothing company Esprit announced the closure of all its Asian stores by June 30, with the exception of stores in China. Singapore is one of the affected countries, alongside Malaysia, Hong Kong, Macau, and Taiwan. Read more here Covid-19 casualties: H&M, Gap, Zara and other famous fashion brands are closing their physical stores worldwide – about Victoria’s Secret, Gap, Guess, and Zara.