M&S has revealed on Wednesday they are to axe 110 stores as they battle with falling profits and sales.
The retailer is to close 25 small “simply food” outlets and around 85 underperforming branches. The retailer said pre-tax profits dropped by 10% to £523.2m in the year to 31 March.
Steve Rowe chief executive Whilst there are green shoots, we have not been consistent in our delivery in a number of areas of the business.”
Rowe added, “M&S is changing faster than at any time in my career, substantial changes across the business to our processes, ranges and operations and this has constrained this year’s performance, particularly in clothing and home.”