Marks and Spencer has said it is focusing on closing down 100 outlets by the end of next year, speeding up its store closures by two years.
The British retailer initially aimed to shut 100 stores by 2022, and has closed 14 stores since the end of March, making a total of 63 closures in just over two years.
The news follows M&S chairman Archie Norman and chief executive Steve Rowe anticipating a drop in annual profits on Wednesday, according to The Times and Sunday Telegraph. In the 13 weeks to December 29, total UK sales declined by 2.7 per cent to £2.7 billion.
M&S is reportedly eyeing job cuts in its clothing and home teams as it aims to simplify operations. Over 1000 people currently work in M&S’s clothing and home teams.
