Marks & Spencer to shut stores in UK and abroad
Updated: Jun 26, 2018
Britain’s Marks & Spencer (M&S) announced its restructuring plan to shut around 30 stores at home and 53 abroad, including China. This move by the company’s new CEO aims to reverse M&S’ disappointing performance and be less reliant on its underperforming clothing and homeware business. The retailer revealed its profits in the first half of 2016 plunged by 18.6%.
2,100 workers from the 53 stores outside the UK will be affected as M&S retreats from 10 loss-making international markets including France and China where 10 stores will be closed. The company will shift to offer food. The British retailer currently has 468 overseas stores across 58 international markets and will add an additional 200 food shops by 2019.