H&M announced Thursday that it will be closing 250 stores next year – about 5% of its stores worldwide – as the coronavirus pandemic continues to ravage the economy, forcing businesses to change their strategies.

The Swedish retailer said in a statement that "more and more" of its customers "started shopping online during the pandemic," and said that it would make a larger investment in digital to help with increased demand.

"Although the challenges are far from over, we believe that the worst is behind us and we are well placed to come out of the crisis stronger," the company's CEO Helena Helmersson said in the statement.

The company says its third quarter helped its recovery, though September sales were down 5% compared to the same month last year.

H&M joins Gamestop, American Eagle, Bed Bath & Beyond, and several other retailers that announced they are closing hundreds of stores due to the coronavirus pandemic and the rise of online shopping.