IOMINVESTCOM
31 Jan 2018
Re: time to cut the stores number and bo... (ShareCast News) - Marks & Spencer announced plans on Wednesday to close another eight stores in a move that will affect 468 jobs.The stores set for closure are Andover, Basildon, Bridlington, Denton, Falmouth, Fareham, Keighley and Stockport. Staff will now enter a period of consultation and M&S said that all colleagues affected would be redeployed or offered redeployment at other stores before redundancy is considered.The retailer also confirmed the closure of stores in Birkenhead, Bournemouth, Durham, Fforestfach, Putney and Redditch by the end of April, with all staff there moving to nearby stores.M&S said it has reassessed and reduced its Simply Food opening programme and now only plans to open a total of 36 owned and franchise stores over the next six months, creating 1,200 management and customer assistant roles. Sacha Berendji, director of retail at Marks & Spencer, said: "We're committed to transforming M&S for our customers, colleagues and shareholders. Stores will always be an integral part of our customer experience, alongside M&S.com, but we have to ensure we have the right offer in the right locations."We don't want any colleagues to leave M&S and we will work with each colleague individually on what is best for them as we endeavour to give everyone a role. However, we accept in some cases we may have to consider redundancy."We believe these changes are vital for the future of M&S and we will continue to accelerate the programme, taking tough but necessary decisions, as we focus on making M&S special."Back in November last year, the company had said it was accelerating its UK store estate plan after the better than expected levels of sales transfer from closures and plans to grow online sales. At 0940 GMT, the shares were down 0.8% to 302.68p.
Lupo di mare
31 Jan 2018
Re: time to cut the stores number and bo... Lo and behold"Marks and Spencer is planning to close 14 stores and cut hundreds of jobs.Six stores will close by April, including Birkenhead, Bournemouth and Durham. Staff have been offered jobs in nearby stores.The closure of another eight stores has been proposed, which will affect 468 staff.It follows a disappointing Christmas period for M&S, when sales of both food and clothing fell."Stores will always be an integral part of our customer experience, alongside M&S.com, but we have to ensure we have the right offer in the right locations," said Sacha Berendji, the retail operations director.The six stores to close in April are Birkenhead, Bournemouth, Durham, Fforestfach in Swansea, Putney and Redditch.The eight stores earmarked for closure are: Andover, Basildon, Bridlington, Denton outlet store, Falmouth, Fareham, Keighley and Stockport.There will be a period of consultation over those shops.Mr Berendji said M&S would "endeavour" to offer all staff affected an alternative job but added that "in some cases we may have to consider redundancy".In November M&S said it would speed up plans to close 30 stores and today's announcement reflects that greater urgency.It also announced plans to open fewer Simply Food shops than originally expected.
deepsleeves
29 Jan 2018
Re: time to cut the stores number and boost ... comparison to modern, more internet savvy businesses the MKS website experience could only be described as not user friendly - just like using one of their stores reallyDeep
stutes
29 Jan 2018
time to cut the stores number and boost internet Taking on board ASOS' market cap exceeding M&S why keep a costly clothing store infrastructure when more could be sold via the internet? Surely M&S has to follow the strategy of the banks - shrinking the number of stores in its business?
macbonzo
24 Jan 2018
Re: Short Capitulation Goodness they must be quaking in their boots. It rose from 302 to 308 and today fell below 300. Can you find some actual evidence of the short - covering? Are you sure they aren't booking some profits?
Simbrad
26 May 2016
Read Beaufort Securities's note on MARKS & SPENCER GROUP PLC (MKS), out today on Research Tree "Disappointing results will lead to circa 10% reduction in consensus forecasts, but we note the start of the strategic turn round has commenced, although this will take time against 'difficult trading conditions'. International has been disappointing, but Food is doing well and they do have a focus on growing the Food business. However, the core Clothing and Household will take time and we will monitor Marks and Spencer but maintain..."
