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M&S to pull out of Taiwan

Marks & Spencer will close all of its stores in Taiwan after only 14 months.

M&S will end its joint venture with local partner President Chain Store and shut three shops in the next few weeks after they failed to attract enough shoppers, according to reports.

The three stores in Taiwan are in Taipei and Kaohsiung. The first opened in May last year.

M&S said the stores were part of a trial and added that the move did not signal a wider international closures.

The news comes as chief executive Sir Stuart Rose is set to face hostile shareholders at the M&S AGM tomorrow. Last week M&S issued a profit warning and its shares dropped by more than 30%.

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