Friday, August 19, 2022

M&S may announce UK store closures

Following a day of difficult headlines for the retailer, Marks & Spencer is expected to close down dozens of UK stores.

Sky News has reported that chief executive Steve Rowe may announce the closure of many UK stores, in an effort to turn around its financial troubles. It was also reported this morning that many of its Chinese stores could also close. 

The source also said that many stores which don‘t close will see space reallocated to focus on its grocery section, moving away from its fashion arm.

M&S is set to reveal its interim results next week, in which it is expected to report lower profits and sales. The retailer has denied that the recent changes to pay had anything to do with financial troubles, but did announce plans to cull 500 jobs in its London head office.

READ MORE: Marks & Spencer’s China stores risk closure

These claims have not yet been confirmed, and a spokesperson for M&S has stated they do not comment on rumours.

In July, a month after his appointment, Rowe announced the largest fall in clothing sales for over 10 years, stating: “These are not the numbers I wanted to see – not by any stretch.”

Shares in the retailer have also been driven down by roughly a third in the last year.

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