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

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 format called Afound to sell marked-down merchandise.