Marks and Spencer to close stores

The British retailer Marks and Spencer will close 53 stores abroad, as well as 30 in the UK, it reported early on Tuesday. The closures will occur over the next five years, as it begins major re-structuring in an attempt to remedy ailing profits. According to CEO Steve Rowe, the retail giant will aim to increase long-term sustainability and improve returns for shareholders. “We will focus on building a future that is simpler, more relevant and multi-channel,” he said. The plan to improve business will include changing many of the company’s stores to food-only outlets, according to reports. The long-term plan, indicated Rowe, is to increase the total number of food shops by 2019. During the first two quarters of 2016, the company had an 18.2 percent drop in profits. Marks and Spencer employs 2,100 people at its international locations. It has 11 outlets in Poland. A report in the Telegraph, also released on Tuesday, stated that it will pull out of its international operations and switch to a franchise model. The company is a 132 year-old institution, selling mainly clothing, foodstuffs, and homeware.