Cheap Monday goes to the grave – the brand is abandoned by H & M

The dead pool 's tank hit Sweden and Europe' s assault when it was launched in the middle of the 00th century. But now is the time for Cheap Monday.

Today, H & M Group, owner of the brand for a little over ten years, has announced the closure of Cheap Monday.

READ MORE: H & M buys the company behind Cheap Monday

"We have to constantly develop our business and what we choose to invest in. We see great opportunities and great potential for our other New Business brands, all of which are developing positively both digitally and in our own stores, "said Anna Attemark, H & M Group's new business manager, in a press release.

According to H & M, sales of Cheap Monday products are low, while the brand is sold through wholesalers, which according to H & M creates difficulties in the current trade.

"The economic Mondays economic model is based on the traditional wholesale trade, which has experienced major difficulties due to the change of sector." Cheap Monday has long had a negative development in sales and profitability, "they write in a statement. Press release.

READ MORE: Report: "High risk" for child labor in H & M

80 employees in Stockholm and Tranås are affected by the liquidation, but H & M will be offered the opportunity to look for other work within the group.

By the end of the year, the Cheap Monday online store and the London physical store will close and on June 30, 2019, all activities will be discontinued.