High Street retailer Marks & Spencer has claimed its clothing and homeware ranges will be severely hit by the Covid-19 pandemic with trading 'never the same again.'
The store chain, which is still operating its Simply Food stores, has issued a stark update on its future.
M&S says it expects its clothing and home departments to be "severely constrained" during the coronavirus lockdown period and as it faces the prospect of a phased lifting of restrictions.
Trading in its food business has also been knocked by the closure of cafes and wider lockdown impacting travel and city centre sites, BirminghamLive reports.
However, the high street chain has secured fresh funding to bolster its balance sheet, while it is also slashing costs and said it was likely to cut its dividend for 2020-21.
M&S plans to unveil more details of the costing plans and said it will reveal how it will change ways of working "permanently" under a ramped-up overhaul, dubbed "Never the same again".
The store stated: "We are planning for the clothing and home business to be severely constrained during lockdown and highly uncertain trading conditions in a prolonged exit period.
"In the absence of a clear basis for forecasting, our scenario planning and stress tests are based on materially subdued trading for the balance of 2020 in clothing and home."
