Marks & Spencer is reportedly set to close dozen of UK stores in an effort to turnaround its struggling business.
Chief executive Steve Rowe could announce the fate of both the company’s international business and the portfolio of its UK stores on November 8, when M&S is expected to post lower profit and sales.
According to Sky News, some stores will face closures while others will see space reallocated as the company tries to capitalise on the success of its food and drink products.
A spokeswoman for M&S told the Independent that the company does not comment on rumours and speculations.
Rowe, who revealed the company’s worst first quarter in clothing and homeware sales for almost a decade in July, recently announced plan to cut more than 500 jobs at its London head office in Paddington.
This means the decision to cut stores could be part Rowe's wider plans to turn the struggling retailer around.
Rowe, who found that M&S had become too complex and inefficient in a review of a business after his appointment this year, said:
"M&S has to become a simpler and more effective organisation if we are to deliver our plans to recover and grow our business"
"It is never easy to propose changes that impact on our people, but I believe that the proposals outlined today are absolutely necessary and will help us build a different type of M&S – one that can take bolder, pacier decisions, be more profitable and ultimately better serve our customers," he added.
Rowe, who began his M&S career as a Saturday worker in the Croydon store in the 1980s, earlier warned that he would have to take tough decisions to restore the retailer to its former glory.
