Connect with us

Hi, what are you looking for?


Marks & Spencer to close 27 stores

LONDON, January 7 – British retailer Marks & Spencer said on Wednesday it would close 27 stores and eliminate as many as 1,230 jobs.

The disclosure added further gloom to the British retail sector as it struggles with the economic downturn. The company also said in a statement that its 2008 year-end sales had fallen by 7.1 percent, and that it was taking steps to cut costs.

Marks & Spencer, a long-established landmark on many high streets, announced early in November that net profit sank 43 percent in the first half of the year as it faced tough trading.

The store closures will target the company\’s "Simply Food" outlets specialising exclusively in food products, a move that will mean the loss of 780 jobs.

In addition Marks & Spencer said it planned to eliminate as many as 450 posts in administrative services and would reduce retirement benefits.

The measures are expected to save 175-200 million pounds (193-220 euros, 261-298 dollars) in the company\’s next fiscal year, which begins April 1.

Click to comment

More on Capital Business

Executive Lifestyle

NAIROBI, Kenya, Mar 12 – The country’s super wealthy individuals are increasing their holding of bonds, gold and cash, a new report by Knight...

Ask Kirubi

NAIROBI, Kenya, Mar 9 – Businessman and industrialist Dr. Chris Kirubi has urged members of the public to exercise extreme caution when making any...

Ask Kirubi

NAIROBI, Kenya, Mar 24 – Businessman and industrialist Dr. Chris Kirubi is set to own half of Centum Investment Company PLC, following a go-ahead...

Ask Kirubi

It is without a doubt that the COVID-19 pandemic has caught the whole world by surprise. Although its full impact is yet to be...


NAIROBI, Kenya, Jun17 – Kenya’s tea leaves manufacturer Kericho Gold, has been awarded the Superbrands Seal by Superbrands East Africa for their quality variety...


NAIROBI, Kenya, Mar 18 – Commercial Banks have been ordered to provide relief to borrowers on their personal loans, with loans eligible from March...


NAIROBI, Kenya, Apr 13 – As the local telecommunications industry gears up to roll out 5G networks in the country, the Communications Authority of...


NAIROBI, Kenya, Mar 22 – Airtel Kenya is offering free internet access for students in order to enable continued learning at home in the...