Sci-tech

United Kingdom retailer M&S says to shut more than 100 stores

United Kingdom retailer M&S says to shut more than 100 stores

Marks & Spencer (M&S), one of the best known names in United Kingdom retail, first said it would reduce the amount of store space devoted to clothing and homewares in 2016, shortly after company lifer Steve Rowe became chief executive.

The British retailer has extended its closure plans as it is focusing on a minimum of a third of its sales online, as per the statement made by the high-street chain.

However, M&S improved its gross margin in the clothing and home division for the year by 50 basis points.

Marks & Spencer stores in Wakefield, Castleford and Pontefract has avoided the latest round of planned closures, it has been announced.

According to reports, M&S will announce which of its 140-strong full-store network will close on Wednesday UK time, adding to the 20 already shuttered. "Accelerated change is the only option", it said.

Britain's Marks & Spencer MKS.L said on Wednesday it urgently had to modernise or risk fading away as it reported a second straight decline in annual profit and booked a 321 million pounds charge for a store closure programme.

More news: Iran condemns U.S. announcement on sanctions
More news: Now Stream PC Games On Your Smartphone Using Steam Link App
More news: Any doctor on board? U.S. surgeon general gives aid on plane

"Closing stores isn't easy but it is vital for the future of [Marks & Spencer]".

Clothing and home revenue fell 1.4% and like-for-like sales decreased 1.9% amid a tough retail market.

"In the previous year traditional retailers like Marks have faced a ideal storm of rising costs, a constrained consumer, and the relentless growth of online competition", said Hargreaves Lansdown analyst Laith Khalaf. Is now well under way and the actions taken have increased the velocity of change running through our business.

Looking further into its "structural issues", M&S said that although online sales are growing, its online capability is "behind the best of our competitors and our website is too slow". "The new organisation will largely be in place by July and the team is now tackling transforming our culture to make M&S a faster, lower cost, more commercial, more digital business", said Chief Executive Steve Rowe. Whilst the fulfilment centre at Castle Donington has struggled to cope with peak demand and some of its systems are dated.

M&S said it is taking steps to recover its appeal to "family-age" customers in Clothing & Home, reducing the number of lines and phases, buying "more stylish" products and emphasising value.


  • Spokesman: Iran to stay in Syria as long as needed

    Spokesman: Iran to stay in Syria as long as needed

    Information for this article was contributed by Nasser Karimi, Albert Aji and Bassem Mroue of The Associated Press. Tel Aviv has been occupying the Golan Heights since 1967.
    Coach Guardiola signs contract extension with Man City

    Coach Guardiola signs contract extension with Man City

    The 47-year-old managed Barcelona from 2008-12 and spent three years in charge of Germany's Bayern Munich before joining City. Chief executive Ferran Soriano added: "Pep's new contract extension is fantastic news for Manchester City ".
    Belgium No2 Henry scheduled to interview for Arsenal job

    Belgium No2 Henry scheduled to interview for Arsenal job

    In an interview with Bein Sports, Wenger said : " Overall he has the qualities but I don't want to influence that publicly ". Mattias is ESPN FC's Arsenal correspondent.
  • Palestine takes Israel to the International Criminal Court

    Palestine takes Israel to the International Criminal Court

    Commenting on the Palestinian referral to the ICC on Tuesday, the Israeli foreign ministry said the request is "legally invalid". Israel also has blamed Hamas for the heavy civilian death toll during the 2014 war.
    Students, teachers injured in NJ bus crash transported to 6 hospitals

    Students, teachers injured in NJ bus crash transported to 6 hospitals

    Mount Olive police say westbound traffic is being diverted off Route 80 at exit 26 and to expect heavy delays along Route 46. A boy on the bus says the bus toppled over and people were "hanging from their seat belts". "Stuff started coming in".
    Nadal, Djokovic both win

    Nadal, Djokovic both win

    Four-time champion Novak Djokovic also advanced, beating Georgian qualifier Nikoloz Basilashvili 6-4, 6-2. For Zverev it was an 11th consecutive win after back-to-back title runs at Munich and Madrid.
  • Kane Williamson becomes leading run-scorer in IPL 2018

    Kane Williamson becomes leading run-scorer in IPL 2018

    To be mentally ready to step out and do the job and called upon and that's where his experience came in handy. CSK team has been a dominant force in this year's IPL as they finished second in the points table.
    Guv condoles death of 9 persons killed in police firing

    Guv condoles death of 9 persons killed in police firing

    On the other hand, Congress president Rahul Gandhi termed the deaths a "brutal example of state-sponsored terrorism". He further alleged that the crowd pelted stones on police, hence, to control the situation firing was carried out.
    RCB stay alive with thrilling win

    RCB stay alive with thrilling win

    The rest of the order still looks shaky, but batsmen like Pandey, Pathan, and Shakib have struck the ball well in the odd match. The RCB skipper attempted to slog a Rashid Khan delivery hoping for a googly only to find his timber re-arranged.
  • Trump Demands Review Of Russia Investigation Surveillance Tactics

    Trump Demands Review Of Russia Investigation Surveillance Tactics

    Giuliani also said the two sides were still negotiating whether Trump will be interviewed as part of the investigation. Senator Lindsey Graham says he does not want to interfere with Mueller's investigation but he does have his concerns.
    Maddie's 'Poppe'-larity leads to 'American Idol' Season 16 win

    Maddie's 'Poppe'-larity leads to 'American Idol' Season 16 win

    Barrett then sang "Don't Stop Believin'" for her final performance, which got her a standing ovation from Steve Perry himself. We were friends first but there was just a spark. "Once voting was over, I was like, 'Shoot, I want the world to know '".
    Is the extra customer support Google One offers valuable to you?

    Is the extra customer support Google One offers valuable to you?

    Also, access to extras from other Google products, like credits on Google Play or deals on select hotels found in Google Search. In fact, if you're really keen on storing large files, Google even offers a 30TB storage plan for a whopping $300 per month.