Latest restructuring announcement
Struggling retailer Marks and Spencer announced today plans to close up to 14 unprofitable stores as part of a restructuring programme. First six stores— Birkenhead, Bournemouth, Durham, Fforestfach, Putney and Redditch — will reportedly shut by the end of April.
The decision will affect as many as 468 jobs. However, the retailer said it will attempt to move as many staff as possible into new jobs within the business.
The store closures are part of M&S’ plan to cut 25 per cent of the space dedicated to its clothing and home products. The first stores to close are in Birkenhead, Bournemouth, Durham, Fforestfach, Putney and Redditch.
M&S said it now plans to open 36 owned and franchise food stores over the next six months – creating 1,200 management and customer assistant roles.
Sacha Berendji, the company’s director of retail, said: ‘We’re committed to transforming M&S for our customers, colleagues and shareholders. Stores will always be an integral part of our customer experience, alongside M&S.com, but we have to ensure we have the right offer in the right locations.’