UK retail group Marks & Spencer is expected to announce further store closures this week as part of a “much bolder” restructuring plan to turnaround its fortunes amid falling profits and a challenging market.
The retailer initiated a plan earlier this year as part of a strategic review to close underperforming stores and invest in revamping its clothing range and lowering prices.
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In July, on the back of falling clothing sales in the first quarter, CEO Steve Rowe said the group had closed 28 of 53 stores in the owned markets it is exiting, consistent with the plans set out in November 2016.
M&S upbeat but Q1 sales fall fails to convince analysts
Announced almost a year to the day, these plans marked the biggest shake-up at the group in years and included steps to remove its clothing ranges from 60 stores over the next five years and axe underperforming brands.
M&S to cut clothing from 60 stores and axe brands
Now, according to a report published on Saturday (4 November) by The Guardian, Rowe is working on a “bolder restructuring plan” with new chairman, Archie Norman, before the group’s first-half trading update on Wednesday (8 November).
M&S did not respond to just-style’s request for comment at the time of going to press.
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By GlobalData
