Marks & Spencer could shut or reconfigure their stores on the Isle of Wight as the company announces another 30 shops are to be completely closed across the country.
The company has announced that it aims to reduce the number of ‘full line’ stores over the next 10 years, as well as transforming some into food-only outlets. Some stores will be relocated with the total number of stores set to reduce from 254 to 180 by 2031.
Pre-tax losses of £201million in 2020-21 have led to today’s announcement, which comes only a short while after 7,000 job losses from the previous round of closures. The lack of clothing and homeware sales, which fell by 31.5%, hit the firm hard.
M&S operate 2 stores on the Island; the main store at Church Litten in Newport and a food store at Terminus Road, Cowes.
Steve Rowe, chief executive at Marks & Spencer, has said:
“In a year like no other we have delivered a resilient trading performance, thanks in no small part to the extraordinary efforts of our colleagues.
“In addition, by going further and faster in our transformation through the Never the Same Again programme, we moved beyond fixing the basics to forge a reshaped M&S.
“With the right team in place to accelerate change in the trading businesses and build a trajectory for future growth, we now have a clear line of sight on the path to make M&S special again.
Article continues below this advertisement “The transformation has moved to the next phase.”
https://news.google.com/__i/rss/rd/articles/CBMiZGh0dHBzOi8vd3d3LmlzbGFuZGVjaG8uY28udWsvZnV0dXJlLW9mLW1zLXN0b3Jlcy1vbi10aGUtaXNsZS1vZi13aWdodC11bmNsZWFyLWFzLWNsb3N1cmVzLWFubm91bmNlZC_SAQA?oc=5
2021-05-26 10:00:39Z
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