Marks & Spencer confirms expanded store closure programme

Marks & Spencer is to close 100 stores within the next five years in a retreat from the high street that will affect thousands of jobs. The struggling chain announced yesterday the latest 14 stores it had identified for closure in addition to 21 it has already shut as it accelerated an overhaul it described as vital for its future. The closures are designed to stem a long-term decline in profits, particularly in its clothing business, which has fallen out of fashion. Usdaw, the shopworkers’ union, criticised the retailer for “salami slicing”. The latest tranche of store closures comes as the retailer’s chief executive Steve Rowe embarks on a five-year plan to turn around the business as it battles to reverse a long-term decline in clothes sales, according to the Telegraph. The Guardian added that under the expanded programmes, M&S is eliminating 25% of the floor space devoted to clothing and homewares. M&S has 1,035 stores in the UK, 300 of which sell clothing, homeware and food. There are around 700 Simply Food convenience stores. Click here for the full Times article (£) Click here for the full Telegraph article Click here for the full Independent article Click here for the full Guardian article Click here for the full FT article (£)