Marks and Spencer is reportedly looking at opening up to six stores in units that were previously the home to department store chain Debenhams. However, after announcing a statutory £200 million loss, the company has also confirmed that it will be closing a number of high street stores.
Figures released today show the impact of the COVID-19 pandemic on Marks and Spencer and the company admits that it will now have to focus on switching some stores to ‘food only’ and a number of stores that are struggling will be forced to close.
Steve Rowe, CEO at Marks & Spencer: “In a year like no other we have delivered a resilient trading performance, thanks in no small part to the extraordinary efforts of our colleagues. In addition, by going further and faster in our transformation through the Never the Same Again programme, we moved beyond fixing the basics to forge a reshaped M&S. With the right team in place to accelerate change in the trading businesses and build a trajectory for future growth, we now have a clear line of sight on the path to make M&S special again. The transformation has moved to the next phase.”