Coronavirus: H&M asks landlords for rent relief

It follows Debenhams which asked landlords for a five-month rent holiday, starting immediately, as it struggles to deal with the disruption caused by the coronavirus outbreak.

A spokeswoman for H&M group said: “This is an extreme situation and H&M group is working extensively to manage the Covid-19 situation, the highest priority being the safety of employees and customers.

“We see it as a joint responsibility between us and our partners to ensure a financially stable and sustainable future for our businesses. Therefore, we ask for relief on the rents and charges during this extraordinary period.

“H&M group as a company will continue to develop solutions that are suitable to both parties with the intention to handle this extraordinary period in the best way possible. We value every partnership and hope that we will find a mutually beneficial solution.”

The retailer announced an increase in net sales for H&M group by 8% to SEK54,948m (£5bn) for the three months to 29 February, however, sales were impacted in the second half of the quarter due to coronavirus.

H&M stores across Italy, Poland, Spain, the Czech Republic, Bulgaria, Belgium, France and some in Greece have been temporarily closed amid the crisis.

Source: Drapers