H & M Will Be Shutting Down 170 Stores In 2018 Due To A Major Drop In Sales.




These closings come after H&M reported a 34 percent drop in profit in their fourth quarter, their largest profit drop in six years.  
Most recently, H&M faced backlash in early January after their ad of a young black boy wearing a sweatshirt that read “Coolest Monkey in the Jungle,” made its rounds on social media. 
Many were furious, calling H&M racist. 


The company eventually apologized for the ad with the following statement to the Washington Post:
“We understand that many people are upset about the image. We, who work at H&M, can only agree. We are deeply sorry that the picture was taken, and we also regret the actual print. Therefore, we have not only removed the image from our channels, but also the garment from our product offering globally.”
However, this didn't stop shoppers in South Africa from storming into H&M stores in protest.  
Stores were virtually destroyed and protestors were met by riot police and rubber bullets.