In the statement made by Marks & Spencer, it was stated that in the 52-week period (tax year) until April 4, 2021, they had an annual loss of £201.2 million before tax.
It was noted that 137-year-old retail company serving a total of 254 stores, will gradually close 30 stores within 10 years. In the statement of Marks & Spencer, it was also noted that approximately 80 stores are planned to be moved to better regions and merged with nearby stores.
M&S Senior Manager Stewe Rowe expressed; “We have had a robust trading performance in an unprecedented year. We can now clearly see ahead to make Marks & Spencer special again. It is being taken to the next stage in transformation.”
The British retail chain fired 7,000 people working at the company in August 2020 as part of its restructuring plan. According to the statement made in 2020, their total sales revenues decreased significantly, especially due to the quarantine measures.