M&S names 17 further store closures
By Duncan Ferris
Date: Tuesday 15 Jan 2019
(Sharecast News) - Marks & Spencer on Tuesday confirmed plans to close 17 more of its stores, putting over 1,000 jobs at risk as the retailer continues downsizing as part of a turnaround plan.
The high street stalwart has struggled with rising property rental costs, competition from online retailers and plummeting consumer confidence, with a 2.2% drop in like-for-like sales over the Christmas period illustrating the extent of the chain's troubles.
Sacha Berendji, the M&S retail, operations and property director, said: "Proposing to close stores is never easy, for our colleagues, customers or the local community, but it is vital for the future of M&S."
Before today the FTSE 100 listed retailer had closed 30 stores and earmarked a further eight for closure as part of a five year plan that will see more than 100 stores shut down as M&S moves to expand its online presence.
The plan began two years ago when chief executive Steve Rowe announced a reduction in floorspace devoted to clothing as the business looked to combat ailing sales figures.
The latest 17 shops proposed for closure are: Antrim (outlet), Ashford, Barrow, Bedford, Boston, Buxton, Cwmbran, Deal, Felixstowe, Huddersfield, Hull, Luton Arndale Centre, Newark, Northwich, Rotherham, Sutton Coldfield and Weston-super-Mare.
1,045 staff will be affected by the closures but stores will remain open until employees have been through a consultation process.
Marks & Spencer Group's shares were down 0.14% at 276.60p just before the close on Tuesday.
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