Marks & Spencer Group is accelerating plans to shrink its troubled UK retail network, adding 40 more stores to a list of pending closures, according to a person familiar with the matter. Marks & Spencer Group is accelerating plans to shrink its troubled UK retail network, adding 40 more stores to a list of pending closures, according to a person familiar with the matter. Overall, M&S now plans to close about 100 stores that sell both clothing and groceries, up from a previous plan to shut 60, the person said. The company has 1,035 stores in the UK, though nearly 700 of them sell only food. Fast-fashion retailer New Look and department-store chain House of Fraser are also seeking to shut dozens of stores as e-commerce sucks business away from UK shopping streets.

Source: Irish Independent May 22, 2018 01:31 UTC