Marks & Spencer to shut 80 stores after half a
year profit plunge warning!!
The retail giant has posted an 18.6% plunge in half-year underlying profits
as it announces more detail of the closures plan.
This means they will close about 30 full line UK stores and change around 45
stores to only sell food. Other UK stores would be re-located.
A quote from the owner Mr Rowe included: "Over the next five years we will
transform our UK estate with around 60 fewer clothing and home stores, whilst
continuing to increase the number of our Simply Food stores. In the future, we will
have more inspiring stores in places where customers want to shop."
The fall of sales for M&S is said to be due to the brand not having an ideal target
market. Their marketing is all over the place and this has evidently lead to the
closing of stores and loss of money for the business.