Marks and Spencer—the British food-to-clothing retailer would be closing more than hundred “underperforming” United Kingdom stores in an ongoing reform, as was said on Tuesday.
The British retailer has extended its closure plans as it is focusing on a minimum of a third of its sales online, as per the statement made by the high-street chain.
The London-listed giant has not mentioned the number of people that would be getting jobless owing to this move—however, as per media, many positions (maybe in thousands) are believed to be at clear risk.
The company said that Mark and Spencer would be closing more than a hundred stores in total by 2022, which includes twenty-one that has been already closed and the fourteen stores that are as per the announcement today proposed to be closed or are all set to close.
M&S back in November 2016 introduced a five-year restructuring plan of its United Kingdom stores in mid of the aggressive competition from supermarts and budget garment chain—Primark, as well as from the online giants like—Amazon. The reorganisation was paced up last year.
Sacha Berendji—the retail, operations and property director at M&S said that that they are making nice advancement with their plans of restructuring their store chains for making them more relevant to the customers and to assist the online growth plans.
The high-street chain which has a total of one thousand and thirty-five stores at the end of 2017-18 fiscal year, would be publishing its yearly results today.
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