M&S could close 40 more stores

M&S could close 40 more stores according to reports, bringing the total closed stores to 100 as it continues to struggle with bad economic weather on the high street.

So far 20 of the chain’s stores have already closed down impacting 900 staff members, with staff finding out today whether their stores will be affected by the closures.

The closures are part of CEO Steve Rowe’s turnaround plan announced 18 months ago, the store’s full year report set to be released on Wednesday. The plan was accelerated after a closure in Warrington precipitated increased sales at a nearby out-of-town store.

An M&S spokesperson said: “We have been clear about our plans to accelerate our store closure programme and the action we must take to build a business with sustainable, profitable growth.”

Experts expect that the figures will show that M&S has experienced a drop in food sales of between 0.2% and 1%, pre-tax profits are also expected to see a 6% drop.