More pain could be on the way as M&S rejigs

Marks & Spencer bosses have warned that there could be more job losses as they push ahead with a radical transformation plan.

The retailer announced in May that it plans to close 100 stores by 2022, putting hundreds of jobs at risk.

Speaking at M&S’ annual meeting yesterday, chairman Archie Norman said the size of the store portfolio had become “a drag on our performance”.

Norman told shareholders that most of the 100 stores would be shut within the next two years, adding: “I can’t tell you it won’t be the last.”

As part of the restructuring, M&S will also be looking to reduce its costs by £350 million by 2021.

Steve Rowe, M&S’ chief executive, said: “There are likely to be more redundancies.”

However, he said 86 per cent of the staff working in the stores closed so far had been relocated within the business.

Norman also pointed to various issues within the business, saying that organisational failures were partly to blame for M&S’ problems.