Marks&Spencer to close 100 stores before 2020

Marks&Spencer is progressing with its restructuration. British department store group has announced that is planning to close around 100 stores before 2020, accelerating its closure plan that was due to happen to 2022.

In parallel, the group has explained that will remove 47 job posts after having reordenated its fashion and home divisions. These firings will be produced within purchase, marketing and logistics division. The company, that is employing one-thousand people in its fashion division, will undertake this staff cuts to accelerate decision-making and improve company’s operations.

The company’s announcement arises after its president, Archile Norman, and CEO, Steve Rowe, advanced the prevision of a drop of the annual benefit in the 2018 results’ presentation, according to The Sunday Times.

Marks&Spencer announced in 2018 their intention of closing over one hundred stores until 2022. Since then, the company has already closed 43 establishments.

At the beginning of the year, the group presented the third quarter’s results. In this period (finished on December 29), Marks&Spencer registered a global volume of business of 3,044 million pounds (3,379 million euros), a 3.9% less than previous year’s same period.