Over 100 M&S stores to close


Over 100 M&S stores to close

Marks & Spencer, which is proposing the closure of the Newmarket outlet, along with a number of "underperforming" stores, says it is now entering consultation with affected employees.

The British chain said the hundreds of affected staff would be offered jobs in other shops.

Andy Barber, head of region for West Midlands at Marks & Spencer, said: "Proposing to close M&S Walsall has been a hard decision and we will be fully supporting our loyal colleagues during this process".

Sacha Berendji, retail and property director at M&S, said: "We are making good progress with our plans to reshape our store estate to be more relevant to our customers and support our online growth plans".

M&S now has a host of stores across Kent including outlets in Canterbury, Westwood Cross, Ashford, Whitstable, Sittingbourne, Hempstead Valley and Maidstone.

British food-to-clothing retailer Marks and Spencer will shut more than 100 "underperforming" United Kingdom stores in an ongoing restructuring, it said Tuesday. Under the plan M&S has the ambition to create fewer, better Clothing & Home stores.

Bayswater, Fleetwood Outlet in Lancashire and Newton Abbot Outlet in Devon will close by the end of July. Alongside relocations, conversions, downsizes and the introduction of concessions, the closures are expected to "radically reshape" the retailer's clothing and home space.

It's part of a radical revamp that began 2 years ago.

Including the two North East stores, M&S has today announced that 14 stores in total are proposed for closure or set to close.

Marks & Spencer now operates 1025 stores in the United Kingdom, with turnover respectively split 60%/40% between its food and clothing and home segments.

It coincides with unrelated developments at Freeport itself, with the retail park announcing it is to change its name and identity.

He said that where stores have already closed, "encouraging" numbers of consumers were now shopping at nearby stores.

Roughly 60% of M&S sales come from food and the rest comes from fashion and homeware.

Analysts expect M&S to report a 7 per cent slump in pre-tax profits to £573 million on Wednesday, raising fears it could fall out of the blue chip FTSE 100 index.

Shares in M&S were down 3 percent at 1017 GMT.



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