H&M Could Close All Hudson Valley Locations
Another retailer with locations in the Hudson Valley announced they will be closing hundreds of stores.
According to CNN, H&M announced they will be closing 250 stores by the end of 2021. The fast-fashion retailer will be closing 250 of its 5,000 stores worldwide. This is 5% of its locations. Like most retailers that have announced closures, it's because of the shift to online shopping, instead of in stores, during the pandemic.
CNN reports that H&M's September 2020 sales had declined 5% compared to September 2019. H&M has locations across the Hudson Valley. These include Poughkeepsie, Middletown, Nyack, and White Plains. It is unclear if any Hudson Valley locations will close at this time. H&M has not announced which stores will be closing. But it is a real possibility they could close local locations because the region has lost stores like JCPenny, Pier 1 Imports, and more.
H&M is not alone in announcing closures. Plenty of businesses have announced closures and bankruptcy filings this year alone. New York and Company announced closures throughout the company. Sur La Table, a cookware store, announced they were filing for bankruptcy and closing all Hudson Valley locations, Bed Bath & Beyond announced they would be closing 200 stores. Last month, Starbucks announced they would be closing 400 locations. It was announced that Over 200 Kay Jewelers, Zales, and Jared locations would be closing. In May 2020, L Brands, the parent company of Victoria's Secret and Bath and Body Works, announced store closures. 250 Victoria's Secret locations will permanently close and 50 Bath and Body Works locations will close. It was also announced that Pier 1 Imports will be permanently closing all locations. This came after the company had already filed for bankruptcy and planned to close some locations. The COVID-19 shutdown forced the company to close all locations.