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Shares in Marks & Spencer plunged almost 3 per cent today after it announced plans to shut a total of 100 stores by 2022, putting hundreds of jobs at risk.
Retail and property director, Sacha Berendji, said: “We are making good progress with our plans to reshape our store estate to be more relevant to our customers and support our online growth plans. 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.”
The retailer said it had identified a further 14 clothing and home stores to be shut in its current financial year. The locations are:
- Bayswater, Fleetwood Outlet and Newton Abbot Outlet (close by the end of July 2018)
- Clacton and Holloway Road (close by early 2019)
- Darlington, East Kilbride, Falkirk, Kettering, Newmarket, New Mersey Speke, Northampton, Stockton and Walsall (also proposed for closure)