British retailer Marks and Spencer closes 60 stores
Additionally, 100 UK stores will be revamped in line with the business’ plan to refocus its efforts on food as its fashion business continues to struggle. The plans will see 200 Simply Food stores open across the UK. 53 loss-making stores across the world will also close in the next year, in a bid to cut losses of £45m. However, Marks and Spencer said that it would continue to serve consumers in these regions via franchise agreements. International stores to survive the cut include Ireland, Hong Kong and the Czech Republic.
Marks and Spencer has cut 525 head office jobs in a bid to cut costs in which more than half of these job losses due to impact contractors.