Marks and Spencer is set to close another thirty stores after plunging to a hefty loss for the past year after being hit hard throughout the coronavirus pandemic which led to high street lockdowns.
The British retailer saw profits fall from £67.2million in 2019 to a £201.2 million pre-tax loss for the year to March 27th after its clothing and home business was particularly hammered by pandemic restrictions
The 30 planned closures are part of a company-wide shake-up of around 110 stores which will see some stores set for relocation into empty Debenhams stores.
Steve Rowe, chief executive at Marks & Spencer, 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.
“The transformation has moved to the next phase.”
The group also said it expects to be hit by between £42 million and £47 million in Brexit costs for the current year, particularly affecting its business in the Republic of Ireland and Northern Ireland.
