H&M HMB.ST, the world’s second-biggest fashion retailer, said on Tuesday it would close down its struggling independent brand Cheap Monday.

Axar.az reports citing Reuters.

“Cheap Monday has a traditional wholesale business model, which is a model that has faced major challenges due to the shift in the industry,” H&M said in a statement.

Fabric Scandinavian was H&M’s first-ever acquisition. H&M has since then launched several independent chains such as COS and & Other Stories to broaden its customer base.

“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,” H&M said on Tuesday.

Its core H&M brand, which has struggled to adapt to the online shift in the industry, still accounts for the bulk of business.

H&M said it aimed to complete the closure of Cheap Monday, which affects around 80 employees, by the end of June 2019.