Marks & Spencer has reported a sharp fall in annual profits as it revealed a deterioration in clothing sales and extensive store closure costs. On Tuesday the retailer said it would close 100 of its 300 high-street stores, which sell clothing, homewares and food, by 2022. M&S expects a third of its clothing and homewares business to move online over the next five years. Multiyork: furniture chain with 50 stores went into administration in November. The retailer is attempting to reduce the size of its stores by 30% and has asked landlords to cut rents.

Source: The Guardian May 23, 2018 06:46 UTC