M&S NOW PLANS TO CLOSE 100 STORES BY END OF 2020

MARKS & Spencer is speeding up its store closure programme with plans to shut 100 by the end of 2020 – two years ahead of schedule.

The shift in gear emerged ahead of its annual results later this week, which are expected to reveal an 11pc fall in pre-tax profits to £519m – the third consecutive year of decline.

Since the end of March, M&S has closed 14 shops, bringing the total over two years to 63. While speeding up the remaining closures will take a chunk out of profits, bosses believe it will get the High Street stalwart back on firmer footing.

Turnaround efforts have included introducing fashion ranges by This Morning TV presenter Holly Willoughby ( pictured), and in February it paid £750m to buy half of Ocado’s retail business in a joint venture with the online grocer that will see M&S offer food deliveries for the first time.