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M&S store closures
  • Published:
    31 January
  • Area of Law:
    Restructuring

Sean Moran comments on Marks and Spencer store closures

Sean Moran, partner and restructuring specialist, comments on the news that Marks and Spencer are to close stores in the UK;

“This news is not surprising as M&S has experienced well publicised difficulties with its clothing and home space offering in what is a challenging time for the retail marketplace.

M&S is in a similar position to the high profile retail casualties of 2017, including Palmer & Harvey, MultiYork and Toys r Us. A combination of outdated store portfolios and the failure to adapt swiftly enough to the rise of online trading has forced businesses in this sector to restructure their operations including using a company voluntary arrangement as a mechanism to ensure business survival.

M&S seems to be taking proactive steps to assure the market that a reorganisation which focuses on consolidation of its core strengths as a strong mid-market food retailer whilst closing or downsizing less profitable stores on the retail side.”

"They are very professional, respond promptly, always discuss the monthly bill and have, so far, provided us with excellent advice in connection with employment issues. I have been very satisfied."

Andrew Argyle LLB, Practice Director, Potter Clarkson LLP