Marks and Spencer Group PLC (LON:MKS) has confirmed it will close 100 stores in the UK by 2022 as part of a major restructuring plan.
Of the total stores to be shut, 21 have already closed and 14 have been identified for closure.
The move marks an acceleration of a reorganisation that started in November 2016.
The retailer’s plan is to move a third of its sales online and to reduce the amount of space devoted to its struggling clothing and home business.
"Closing stores isn't easy but it is vital for the future of M&S," said Sacha Berendji, director of retail operations at the firm.
READ: M&S appoints former Dixons Carphone UK boss as non-executive director
The store closures will impact 626 employees, who will be offered redeployment before redundancy is considered.
M&S has also scaled back plans to open more Simply Food stores. It will now open 25 this financial year, instead of the 40 it had planned.
The news comes ahead of the company’s full year earnings on Wednesday. M&S is expected to report pre-tax profits of £573mln, down from £613mln a year earlier.
Like other retailers, the company’s sales have been hit by weaker consumer confidence as higher inflation and stagnant wage growth reduces disposable incomes.
READ: M&S shares retreat on drop in UK food and clothing sales over Christmas
In the three months to 30 December, M&S said UK like-for-like sales fell 1.4% with food sales down 0.4% and clothing sales down 2.8%.