Marks & Spencer decides to close stores after losing year

British retail chain Marks & Spencer (M&S) plans to close 30 stores in the UK over the next ten years, with over a hundred more stores to either be merged or remain food-only. it is reported by the BBC with reference to M&S.

It is noted that in total the company intends to reduce the number of full-range stores (which sell clothes, home goods and food) in the UK from 254 to 180. Last year, M&S cut 7,000 jobs.

The company's loss before taxes for the 52 weeks leading up to March 27 was £201.2 million ($285.1 million) against a profit of £67.2 million a year earlier. In particular, the revenue of the British division for the sale of clothing and household goods fell by 31.5%.

“Our operations have been severely limited by changes in daily life, the impact of social distancing and the partial or full closure of a significant portion of our stores,” M&S explained.