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You can find the current article at its original source at https://www.theguardian.com/business/2018/aug/11/seven-more-marks-and-spencer-stores-close-as-restructuring-continues
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| Version 1 | Version 2 |
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| Seven more M&S stores close as restructuring continues | Seven more M&S stores close as restructuring continues |
| (4 months later) | |
| Seven Marks & Spencer clothing stores will close their doors for the last time on Saturday as the high street chain pushes ahead with a radical transformation plan. | Seven Marks & Spencer clothing stores will close their doors for the last time on Saturday as the high street chain pushes ahead with a radical transformation plan. |
| The retailer announced in May that it plans to close 100 stores by 2022, putting hundreds of jobs at risk. | The retailer announced in May that it plans to close 100 stores by 2022, putting hundreds of jobs at risk. |
| As part of the business restructuring, M&S will also be looking to reduce its costs by £350m by 2021. | As part of the business restructuring, M&S will also be looking to reduce its costs by £350m by 2021. |
| On Saturday 11 August, clothing stores in Falkirk, Kettering, Newmarket, Northampton, Stockton, Walsall and New Mersey retail park in Speke will trade for a final day – while a Simply Food in Bayswater in central London will also close. | On Saturday 11 August, clothing stores in Falkirk, Kettering, Newmarket, Northampton, Stockton, Walsall and New Mersey retail park in Speke will trade for a final day – while a Simply Food in Bayswater in central London will also close. |
| Three stores – in Darlington, Fleetwood and Newton Abbott – have already ceased trading as part of the phase of closures. | Three stores – in Darlington, Fleetwood and Newton Abbott – have already ceased trading as part of the phase of closures. |
| Three more – in Clacton, East Kilbride and Holloway Road in London – are expected to close at a later date. | Three more – in Clacton, East Kilbride and Holloway Road in London – are expected to close at a later date. |
| The latest round of closures comes after 21 stores were wound up by the chain. | The latest round of closures comes after 21 stores were wound up by the chain. |
| On Friday, Steve Rowe, M&S chief executive, said: “There are likely to be more redundancies.” | On Friday, Steve Rowe, M&S chief executive, said: “There are likely to be more redundancies.” |
| However, he said 86% of the staff working in the stores closed so far had been relocated within the business. | However, he said 86% of the staff working in the stores closed so far had been relocated within the business. |
| The firm’s chair, Archie Norman, said the size of the company’s store portfolio had become “a drag on our performance”. | The firm’s chair, Archie Norman, said the size of the company’s store portfolio had become “a drag on our performance”. |
| High streets will go on suffering until the digital economy pays more tax | |
| “For me, the results in the next two years aren’t the most important thing. We are here to deliver a profitable, growing business in five years’ time,” Norman said. | “For me, the results in the next two years aren’t the most important thing. We are here to deliver a profitable, growing business in five years’ time,” Norman said. |
| “This is probably the biggest turnaround in UK retail.” | “This is probably the biggest turnaround in UK retail.” |
| Norman joined the business last year to help lead a turnaround, and said on Tuesday that he wanted to present the “unvarnished truth” about its prospects. | Norman joined the business last year to help lead a turnaround, and said on Tuesday that he wanted to present the “unvarnished truth” about its prospects. |
| He said M&S faced competition on many fronts, both from online retailers and from discounters such as Aldi, Lidl and Primark. | He said M&S faced competition on many fronts, both from online retailers and from discounters such as Aldi, Lidl and Primark. |
| To improve its operations, M&S has been moving from its old IT systems and has been shutting warehouses in its distribution network. | To improve its operations, M&S has been moving from its old IT systems and has been shutting warehouses in its distribution network. |
| M&S has already announced that it is closing its warehouses in Neasden and Warrington, and Rowe said on Tuesday that the future of the Castle Donington warehouse was under review. | M&S has already announced that it is closing its warehouses in Neasden and Warrington, and Rowe said on Tuesday that the future of the Castle Donington warehouse was under review. |
| M&S reported a 62.1% fall in pre-tax profit to £66.8m in the year to 31 Marchas it was dragged down by £321.1m in costs linked to store closures. | M&S reported a 62.1% fall in pre-tax profit to £66.8m in the year to 31 Marchas it was dragged down by £321.1m in costs linked to store closures. |
| On Friday, House of Fraser went into administration and was bought by Sports Direct, the sportswear chain controlled by Mike Ashley, for £90m. | On Friday, House of Fraser went into administration and was bought by Sports Direct, the sportswear chain controlled by Mike Ashley, for £90m. |
| Marks & Spencer | Marks & Spencer |
| Retail industry | Retail industry |
| House of Fraser | House of Fraser |
| Job losses | Job losses |
| Scotland | Scotland |
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