2016-11-08T09:38:00Z By George MacDonald
2016-10-31T16:30:00Z By Luke Tugby
2016-10-31T14:37:00Z By Jonathan De Mello
2016-10-28T16:30:00Z By George MacDonald
Marks & Spencer is set to scale back international operations and close its flagship store in Paris to focus on its core UK business.
A person close to the company has revealed that the decision will be formally announced by chief executive Steve Rowe on November 8 when the retailer posts its interim results, according to Bloomberg.
The 15,000 sq ft Paris flagship store was opened in 2010 by former M&S boss Marc Bolland.
It has been widely expected that Rowe would reverse some of Bolland’s decisions in order to focus on Marks & Spencer’s core UK business.
The retailer, which has 480 stores across Europe, Asia and the Middle East, reported a 37% plunge in international profits last year due to weak performance in Europe and a fall in the value of the pound since the Brexit vote.
The Paris closure would come at a time when M&S has been taking cost-saving measures, including cutting 525 jobs at its head office.
M&S declined to comment.