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Ailing H&M's CEO plans store closures, markdowns, new format in revamp

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"The industry changes are challenging everyone and this will continue in 2018", says Mr Persson. The world's No 2 fashion chain by sales has recently hit several roadblocks, reporting the biggest drop in quarterly sales on record.

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"The industry changes are challenging everyone and this will continue in 2018", says Mr Persson. The world's No 2 fashion chain by sales has recently hit several roadblocks, reporting the biggest drop in quarterly sales on record.

Stockholm 

HENNES & Mauritz AB (H&M) is embarking on one of its biggest store-closure programmes as chief executive officer Karl-Johan Persson steps up efforts to right the ailing Swedish clothing chain.

The company plans to shut 170 stores this year, even as it adds a new

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