15th Jan 2019 12:04
LONDON (Alliance News) - Marks & Spencer Group PLC on Tuesday named further 17 UK stores for closure, as part of its previously announced restructuring plan which will see the retailer axe 100 sites.
The closure of the 17 stores named on Tuesday will put 1,045 jobs on the line, M&S explained. The fashion & food retailer said it will enter consultations with its employees with the intention of "retaining as many people as possible".
Among the sites to be shut down there are the shops of Hull, Newark, Sutton Coldfield and Weston Super Mare.
After naming the latest stores for closure, the company said its plan to shut down 100 stores by 2022 is progressing on track, with 30 locations already closed and eight previously announced.
Back in May, M&S accelerated the restructuring programme after Chairman Archie Norman declared that the group was "on a burning platform".
This latest update comes after just a week ago, M&S reported a fall in revenue across all its divisions during the festive period with total group sales for the 13 weeks to December 29 down 3.9%.
M&S shares were trading down 0.6% at 275.30 pence each on Tuesday around midday.
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