Marks & Spencer has released a confirmation regarding its closure of even more stores as the company expedites a radical transformation programme.
The retailer will now close down more than 100 stores by 2022.
The closure includes 21 shops which have already closed and a further 14 locations which have been announced today. All of the branches that are concerned are clothing & home stores.
The said move is a part of the five-year turnaround plan that is spearheaded by chief executive Steve Rowe and chairman Archie Norman.
The pair has been trying to save costs through store closures and closing down of distribution centres as part of a wide-ranging efficiency drive as the financial performance of the company deteriorates.
The closures serve as an addition to a previously revealed set of store closures.
The list of stores that are set to close are as follows:
- Newton Abbot Outlet
- Fleetwood Outlet
- Holloway Road
- East Kilbride
- New Mersey Speke
Some of the M&S branches, including Holloway Road and Clacton, are being shut down to coincide with the opening of food-focused M&S stores that are located nearby.
Fleetwood Outlet in Lancashire, Newton Abbot Outlet in Devon, and Bayswater will close by the end of July this year. Holloway Road and Clacton in Essex will both close by early next year.
For nine of the stores, consultations with the staff are currently taking place, affecting at least 626 positions. M&S said that should these stores shut down, all employees will be offered redeployment at other stores.
The Retail, Operations and Property Director at Marks & Spencer, Sacha Berendji, stated: “Closing stores isn’t easy but it is vital for the future of M&S. Where we have closed stores, we are seeing an encouraging number of customers moving to nearby stores and enjoying shopping with us in a better environment, which is why we’re continuing to transform our estate with pace.”