Marks & Spencer announces further store closures amid tumbling profits
PUBLISHED: 10:24 23 May 2018 | UPDATED: 10:24 23 May 2018
Marks & Spencer has reported a sharp drop in annual profits along with further store closures.
The retail giant, which has a store in Welwyn Garden City town centre, said it will be closing 100 shops by 2022 – with 14 more being revealed yesterday (Tuesday, May 22).
The WGC shop has avoided the list, but the company’s pretax profits slump of 62 per cent to £66.8million has forced it to expand its store closure programme.
M&S – which has 1,035 stores nationwide – said it will be cutting 25 per cent of its floor space devoted to clothing and homeware.
So far the restructuring has affected 1,500 out of the retailer’s 72,000 staff.
Sacha Berendji, the Marks & Spencer retail, operations and property director, said: “Closing stores isn’t easy but it is vital for the future of M&S. Where we have closed stores, we are seeing an encouraging number of customers moving to nearby stores, which is why we’re continuing to transform our estate with pace.”