British retailer Marks & Spencer Group is to cull around 60 stores in the UK and 53 across 10 other countries, but its Czech outlets will survive the chop.
Reeling from a sharp drop in its half-year underlying profit, the mainstay brand of the British high street said it would close stores in Slovakia, China, France, Belgium, Estonia, Hungary, Lithuania, the Netherlands, Poland and Romania.
Combined, those markets made a loss of GBP 45m last year, and many of them have been lossmaking for at least five years. The group, known to Brits as ‘Marks & Sparks’, has delivered a mixed performance over a long run of quarters. It has higher performing food stores but a struggling clothing and home business.