H&M to close Cheap Monday retail brand
Fashion retailer H&M is to close its Cheap Monday retail brand as part of plans to focus on its core business.
The move will result in the loss of 80 jobs and the closure of the Cheap Monday store in London and its operations in Tranås and Stockholm in Sweden.
In a statement, H&M said Cheap Monday’s traditional wholesale business model had faced “major challenges” and had negatively affected Cheap Monday’s sales and profits “for a long time.”
H&M is planning to complete the closure of the business by June 2019 although Cheap Monday’s online shop and London store will close by 31 December 2018.
Dialogue with union representatives has started and H&M expects all employment contracts to be terminated during 2019.
Anna Attemark, head of new business at the H&M group, said: “We need to constantly develop our business and what we choose to invest in. We see very good opportunities and great potential for all of the other brands within new business, which all are developing positively both digitally as well as through physical stores.”
