H&M closes struggling Cheap Monday skinny jeans brand

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(Picture: Robert Alexander/Getty Images)

Cheap Monday might have once been the place to go for skinny jeans but it has been struggling.

Now, H&M, who own the brand, said it is going to close after major challenges due to the shift in the industry.

They added that there has been a negative trend in the Cheap Mondays sales and profits for a long time.

(Picture: Chris Ratcliffe/Bloomberg via Getty Images)

The online store and Carnaby Street branch in London will close on 31 December 2018, with 80 employees affected.

We need to constantly develop our business and what we choose to invest in.

We see very good opportunities and great potential for all of the other brands within New Business, which all are developing positively both digitally as well as through physical stores, says Anna Attemark, Head of New Business at the H&M group.

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