High street stalwart Marks and Spencer Group PLC (LON:MKS) has named the next 17 stores earmarked for closure as part of its turnaround plans.
M&S, like many of its peers, has struggled of late as shoppers desert stores in favour of the internet, while consumer confidence has also taken a turn for the worse.
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In a sign of its troubles, the FTSE 100 retailer reported a 2.2% fall in like-for-like sales over Christmas – a key trading period for the whole sector.
To try to bring its business into the 21st century and boost its flagging sales, M&S has implemented a five-year plan which will see it shut more than 100 stores.
Instead, it will shift its focus and investment online – it hopes online will account for a third of sales come 2022 – which will leave it with fewer shops in better locations.
1,000+ jobs affected
So far, 30 stores have been closed while another eight have been named.
The latest wave of closures, which includes stores in Huddersfield, Hull and Luton, will affect 1,045 staff, who will now be involved in a consultation process. No stores will close until this process has been completed.
Sacha Berendji, M&S's retail, operations and property director, said: "Proposing to close stores is never easy, for our colleagues, customers or the local community, but it is vital for the future of M&S.
“Where we have closed stores, we are continuing to see an encouraging number of customers choosing other nearby locations and shopping on M&S.com.”
Stores set for closure:
The latest shops proposed for closure are: Antrim (outlet), Ashford, Barrow, Bedford, Boston, Buxton, Cwmbran, Deal, Felixstowe, Huddersfield, Hull, Luton Arndale Centre, Newark, Northwich, Rotherham, Sutton Coldfield and Weston-super-Mare.
The 30 stores that have already closed are: AnDover, Basildon, Birkenhead, Bournemouth, Bridlington, Clacton, Covent Garden, Crewe (relocation), Darlington, Dover, Durham, Falkirk, Fareham, Fforestfach, Greenock (relocation), Keighley, Kettering, New Mersey Speke Shopping Park, Newmarket, Newry (relocation), Northampton, Portsmouth, Putney, Redditch, Slough, Stockport, Stockton, Walsall, Warrington and Wokingham.
The eight stores that have previously been announced as set to close are: East Kilbride, Edgware Broadwalk, Falmouth, Holloway Road, Kirkcaldy, Llandudno (relocation), St Helens (relocation) and Wigan (Food hall opening at Robin Retail Park).
M&S shares were down 0.7% to 275p on Monday afternoon.