M&S to close 100 stores over four years

Marks & Spencer

GETTYMarks & Spencer is poised to close another 40 stores after another trying year

And House of Fraser has announced they will close stores in the hopes of staying open.

The retailer has identified 14 stores that will close as part of plans to shut more than 100 over the next four years.

Marks & Spencer says it will close more than 100 stores by 2022 as it accelerates a transformation programme that will see thousands of jobs put at risk.

"Closing stores isn't easy but it is vital for the future of M&S".

He said that where stores have already closed, "encouraging" numbers of consumers were now shopping at nearby stores.

In 2015, M&S was announced alongside Next as the first retailers committed to opening in the new Riverside development, which is now underway.

Sky News has learnt that the retailer will announce as part of its annual results on Wednesday a huge charge triggered by costs associated with its efforts to shrink underperforming parts of its store portfolio.

Marks & Spencer now has over 1,000 locations in the UK.

Both of these stores offer Click & Collect for customers who purchase online at M&S.com.

Marks & Spencer
GETTYMarks & Spencer joins a string of struggling companies that have recently announced closures

Currently, around 18 percent of M&S' clothing and home sales are made online.

In regards to the job losses over the store closures, M&S director of retail Sacha Berendji said the company will be working to make as few cuts as possible.

M&S said Bayswater, Fleetwood Outlet and Newton Abbot Outlet will close by the end of July 2018.

Meanwhile, the retailer's Darlington, East Kilbride, Falkirk, Kettering, Newmarket, New Mersey Speke, Northampton, Stockton and Walsall stores are proposed for closure and will now enter a period of consultation with all 626 affected employees.

Then in November previous year, three months after retail veteran Archie Norman joined as chairman, the firm said it would speed up the programme.

In a statement, the company said there will be relocations, conversions, downsizes and the introduction of concessions, to "radically reshape" M&S's Clothing & Home space.

Shares in M&S were down 3 percent at 1017 GMT.

Roughly 60% of M&S sales come from food and the rest comes from fashion and homeware. "Closing stores will make its space more productive and help to improve profitability, but it still has not solved its fundamental problem - top-line growth".

Latest News