MARKS & Spencer plans to close 30 more shops after the coronavirus crisis hit its clothing and homeware sales.
The retailer made a £201million pre-tax loss for the year to March 27, compared to a £67million profit in the previous year.
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The retailer has also already closed 59 clothing and food stores plus 15 food-only sites and eight outlets under previously-outlined plans.
The effect of the pandemic means it can now move faster, it said in its annual results released this morning.
M&S is yet to confirm where the closing stores are located, when they’ll shut and how many workers are affected.
The newly announced closures are on top of the 110 stores earmarked for closure by 2022.
These are part of a radical restructuring plan first announced in 2016.
The retailer said its operations had been “severely constrained by the change in day-to-day living, the effects of social distancing and partial or full closure of large parts of our store estate”.
In its clothing and home business, revenue slumped by 31.5%, as a string of lockdowns over the past year forced its stores to close.
Meanwhile, the company said it was boosted by its food business, which saw 6.9% growth in revenue.
M&S began a tie-up with Ocado in September, meaning the online grocer now delivers food from the posh supermarket.
Steve Rowe, chief executive at Marks & Spencer, said: “In a year like no other we have delivered a resilient trading performance, thanks in no small part to the extraordinary efforts of our colleagues.
“With the right team in place to accelerate change in the trading businesses and build a trajectory for future growth, we now have a clear line of sight on the path to make M&S special again.
“The transformation has moved to the next phase.”
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It’s estimated that over 43,000 retail jobs have been axed since the start of the pandemic as the high street struggles to survive.
Last year, both Topshop’s owner Arcadia Group and Debenhams collapsed.
While Thorntons announced in March that it plans to shut all stores.
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