M&S store closures: Marks & Spencer admits 600 jobs at risk

Marks & Spencer on Tuesday said that in excess of 600 jobs are at risk as it plans to close more stores to turn the business around.

The grocer, whose earnings have deteriorated as cheaper rivals have piled on the pressure and shoppers have been squeezed, said it could close 14 stores this year and next, including Bayswater and Holloway Road in London, affecting 626 staff. A further 246 people will be moved to nearby stores.

The retailer has been bolstering its top team ahead of its results tomorrow as it tries to overhaul the business under chairman and retail veteran Archie Norman. It plans to close 100 stores by 2022. Marks & Spencer said it will try to move staff where possible.

Its market cap is now £4.6 billion — online grocer Ocado’s is £5.5 billion — and could find itself relegated from the FTSE 100 index for the first time.