100 Stores to Close by 2020 as Retailer Struggles with Sales Slump
- Marks and Spencer speeds up store closure plans by two years
- 100 stores to close by 2020
- Total UK sales fell 2.7% in Q13 to £2.7bn
- Chairman Archie Norman and CEO Steve Rowe announce slump in annual profits
- Only 12 stores offer full food range due to size constraints
Marks & Spencer is accelerating its store closure plans, aiming to close 100 stores by 2020 in response to declining sales and profits. The retailer’s total UK sales fell 2.7% to £2.7bn in Q13, with only 12 stores currently offering the full range of food products due to size constraints. This comes after the company initially planned to close 100 stores by 2022.
Factuality Level: 8
Factuality Justification: The article provides accurate and relevant information about Marks and Spencer’s decision to speed up store closure plans, the reasons behind it (financial woes and focus on offering a full food product range), and the current state of their stores. It also includes data on sales decline and previous plans for store closures.
Noise Level: 3
Noise Justification: The article provides relevant information about Marks and Spencer’s decision to accelerate store closure plans due to financial struggles and changing focus on food products. However, it lacks in-depth analysis or exploration of the consequences for those affected by these decisions and does not offer much actionable insights.
Financial Relevance: Yes
Financial Markets Impacted: Marks and Spencer’s stock price and other UK retailers
Financial Rating Justification: The article discusses Marks and Spencer’s financial performance, store closure plans, and the impact on its sales. This directly relates to financial topics such as profitability and company strategy, which can affect the company’s stock price and potentially impact other retailers in the same industry.
Presence Of Extreme Event: No
Nature Of Extreme Event: No
Impact Rating Of The Extreme Event: No
Extreme Rating Justification: There is no extreme event mentioned in the text.
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