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There are so many that a power plant in Vasteras, the town where H&M founded its first store, relies partly on burning defective products the retailer cannot sell to create energy. Analysts have been pressing Karl-Johan Persson, the company’s chief executive, over the issue. Inventory levels were up, Mr. Persson said, because H&M was opening 220 new stores and expanding its e-commerce operations, and so needed to fill the racks. Critics, however, blamed poor inventory management and underwhelming product
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