Marks & Spencer confirms plans to close net dozen stores as profits dip by 90%
A British supermarket has announced plans to close a total of more than a dozen stores and combine others after pre-tax profits dipped by 90 per cent.
Marks & Spencer (M&S) has today revealed plans to close stores in approximately 30 locations which it said can “no longer support” the branches.
However, it also announced that it aims to acquire or expand 17 stores over the next two years, bringing the net closures to around 13 branches.
It said that it is aiming to reach a total of 180 full line stores, down from 254 at the year’s end. This means that as well as the 30 store closures, it will be combining some of its branches.
This comes after the closure or relocation of 59 full line stores, 16 food stores and eight outlets.
The company, which saw proﬁt before tax and adjusting items drop by 89.7 per cent to £41.6m, said that the onset of the pandemic has accelerated its restructuring programme.
It added that among the new stores will be a number of former Debenhams sites, and that its pipeline is continuing to grow.
Steve Rowe, CEO: “In a year like no other we have delivered a resilient trading performance, thanks in no small part to the extraordinary efforts of our colleagues.
“In addition, by going further and faster in our transformation through the Never the Same Again programme, we moved beyond fixing the basics to forge a reshaped M&S.
“With the right team in place to accelerate change in the trading businesses and build a trajectory for future growth, we now have a clear line of sight on the path to make M&S special again. The transformation has moved to the next phase.”
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