M&S to close clothing and home stores in turnaround plan

Clothing

M&S has announced it will close 30 UK clothing and homeware shops and convert dozens more into food stores.

Chief executive Steve Rowe’s turnaround plans will also see it open 200 new Simply Food stores as it shifts away from disappointing fashion sales.

He said M&S also planned to close loss-making shops in 10 international markets, including China and France.

The announcements came as M&S reported falling sales and profits in the six months to the end of September.

Mr Rowe said of the UK store closures: “This is about building a sustainable, more profitable business that’s relevant for our customers in a digital shopping age.”

He would not be drawn on job losses or which stores would close, amid warnings from trade unions that staff would be “extremely concerned” about where the axe will fall.

In total M&S said it would have about 60 fewer clothing and homeware stores in five years’ time.

[Source:-BBC]