Chief Executive Steve Rowe of Marks and Spencer is expected to announce the major closure of M&S shops in the coming years as part of a reorganisation of the company’s UK structure.
There is no indication which shops are set to close, though the numbers for those facing the chop are in the “low dozens,” with some predicting at least 30 will go. Food stuffs, as the more successful product, are set to replace many clothing outlets. This August saw more than 500 jobs axed as a way to reduce costs. M&S shops is Castle Bromwich and Shirley were also closed down last year.
It’s possible not all of that affected shops will close, but possibly just be relocated or downsized. Either way, thousands of jobs face being terminated, including those in European and Chinese stores. The most at risk are smaller branches on poorly performing town high streets.
Analysts have predicted that M&S suffered a 3.9% drop in sales after clothing sales plunged by 8.9% between January and March- the worst M&S figures in over ten years.
