Marks & Spencer are planning to close dozens of stores around the world in order to boost their profitability.
The move comes as part of a strategy to combat the retailer’s recent lacklustre performance, with shares in M&S having fallen by one-third in the last year.
According to Sky News, the plan is said to include the closure of numerous stores, in the “low dozens”, across the UK and the around the world over the course of several years.
This will include the shutting down of their flagship Champs-Elysees store and the axing of more than 500 head office jobs.
It’s not yet clear if Marks & Spencers’ Dublin locations will be affected, but it’s expected that Chief Executive Officer Steve Rowe will officially announce his plans this Tuesday, November 8.
Main image: Martin Good/Shutterstock.com
READ NEXT: Shots Were Fired Near The Guinness Brewery Last Night
