{"id":164968,"date":"2021-05-26T09:41:35","date_gmt":"2021-05-26T09:41:35","guid":{"rendered":"https:\/\/www.theindustry.fashion\/ms-to-close-more-stores-after-plunging-to-201m-loss\/"},"modified":"2021-08-06T12:11:36","modified_gmt":"2021-08-06T12:11:36","slug":"ms-to-close-more-stores-after-plunging-to-201m-loss","status":"publish","type":"post","link":"https:\/\/www.theindustry.fashion\/ms-to-close-more-stores-after-plunging-to-201m-loss\/","title":{"rendered":"M&S to close more stores after plunging to \u00a3201m loss"},"content":{"rendered":"
Marks & Spencer is set to close more stores after plunging to a hefty loss<\/strong> for the past year after being hit hard by high street lockdowns.<\/p>\n
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The retailer said it is targeting 30 more closures<\/strong> in the \u201cnext phase\u201d of its long-term transformation plan.<\/p>\n
It has already closed or relocated 59 stores<\/strong> but said it is accelerating changes to its portfolio of shops following the impact of the pandemic.<\/p>\n
The 30 planned closures will be part of a shake-up of around 110 stores,<\/strong> with the majority of these sites set for relocation.<\/p>\n
M&S said the impact of the pandemic has provided it with a strong opportunity to purchase new locations, with the group currently targeting six new stores in former Debenhams units.<\/strong><\/p>\n
The group currently has 254 full-line stores,<\/strong> which sell food and clothing, but it plans to reduce this to around 180<\/strong> over the next 10 years, with some of these being replaced by food-only or purely clothing and home sites.<\/p>\n