UK’s Marks & Spencer all set to shut more than 100 stores

Leading British multinational Marks & Spencer Plc on Tuesday announced the shutting down of more than 100 stores as part of a major overhaul plan to reduce the amount of selling space devoted to its struggling clothing ranges.

New boss Steve Rowe said “more than 100 UK stores a quarter of its UK floorspace would be affected by the shakeup with clothing departments to be shut entirely in 60 stores.”  Another 45 stores will either be turned into branches of its more successful Simply Food chain, downsized or relocated.

The three-year plan, which aims to boost sales as more Britons buy clothing online, is expected to cost 150 million pounds.