LONDON: Britain's Marks & Spencer said on Tuesday it would shut stores at home and abroad, with its new chief executive seeking to cut costs as part of a revival plan. The clothing and food retailer said it would reposition about 25 percent of its UK clothing and home space. It will close about 30 full line UK stores and change around 45 stores to only sell food. The cost of the programme would be 50 million pounds ($62 million) for the next three years, rising to about 100 million pounds in years four and five. M&S also reported an 18.6 percent fall in underlying pretax profit for its first half to Oct. 1 of 231.1 million pounds along with a 2.9 percent fall in second-quarter underlying clothing sales.

Source: New Strait Times November 08, 2016 07:38 UTC