Wednesday, 9 November 2016

Marks & Spencer To Close 80 Clothing n Home Stores

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Mr Rowe, who took over from Dutchman Marc Bolland in April, said: "Over the next five years we will transform our UK estate with around 60 fewer clothing and home stores, whilst continuing to increase the number of our Simply Food stores.
"In the future, we will have more inspiring stores in places where customers want to shop."

The retail giant has posted an 18.6% plunge in half-year underlying profits as it announces more detail of the closures plan.
Marks & Spencer is to close 80 clothing and home stores as it posts an 18.6% plunge in half-year profits.

In a radical shake-up of its business model to cut costs as part of a revival plan, will close about 30 full line UK stores and change around 45 stores to only sell food. Other UK stores would be re-located.
The full list of closures has not yet been revealed but M&S plans to shut 53 stores across 10 international markets - including 10 in China and seven in France, while pulling out of Belgium, Estonia, Hungary and Lithuania - putting around 2,100 jobs at risk

New chief executive Steve Rowe remains tight-lipped on the number of UK staff impacted by the plans, but said that, where possible, it would keep "job continuity" for affected employees.

An M&S spokesman told Mirror this morning: 'We’re not talking (UK) locations today.'
M&S insists it will have more stores overall after the revamp, having already announced more than 200 Simply Food outlets will open by the end of the 2018/19 financial year.

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