Marks & Spencer is expected to announce further store closures this week as part of CEO Steve Rowe’s ongoing turnaround plans for the high street giant.
Several newspapers, including The Guardian and The Daily Telegraph, report that Rowe has worked on a more radical structuring plan with new chairman Archie Norman, who joined M&S in May this year.
The retailer is expected to announce a fall in pre-tax profits at its half-year trading update later this week.
Norman has told senior M&S managers that the business needs to cut clothing prices and appeal to women in their thirties as well as in their fifties, The Guardian reported.
Last November, Rowe set out a five-year turnaround plan, which included closing 30 of the retailer’s 300 full-line stores that sell clothing, food, and homeware.