H&M to close on Thanksgiving in sign of mellowing holiday season

[NEW YORK] Hennes & Mauritz's US stores will close on Thanksgiving for the first time, underscoring a shift toward a less-frenzied holiday season for retailers.

The Stockholm-based company said in a statement on Monday that it made the decision after rolling out a new recruitment campaign.

"In the tradition of Thanksgiving, H&M will close our US stores on Thanksgiving Day, allowing our store teams to enjoy this time with their families and friends," Daniel Kulle, president of H&M's North American operations, said in the statement.

In making the move, H&M becomes the latest symbol of holiday restraint among retail chains. After years of expanding hours and piling on promotions during Thanksgiving and Black Friday - the traditional kickoff to the Christmas shopping season - many stores are now retrenching. Staples Inc also will be closed during Thanksgiving. Recreational Equipment Inc, the outdoor-gear retailer, is going further and shutting down during Black Friday.

Wal-Mart Stores and Target, meanwhile, have been spreading out their promotions over a longer period. That means shoppers don't have to line up at stores on Thanksgiving evening to get deals. Target said on Monday that it's planning a 10-day holiday sale that will begin on Nov 22.

BLOOMBERG