RETAIL giant Marks & Spencer is set to close more stores after plunging to a hefty loss for the past year after being hit hard by high street lockdowns.
The retailer said it is targeting 30 more closures in the “next phase” of its long-term transformation plan.
It has already closed or relocated 59 stores but said it is accelerating changes to its portfolio of shops following the impact of the pandemic.
The 30 planned closures will be part of a shake-up of around 110 stores, with the majority of these sites set for relocation.
The chain has a department store in Colchester High Street and is set to open a new foodhall at Stan Retail Park in Stanway.
M&S to close 30 more stores after lockdowns contribute to £201m annual loss
It also runs several smaller stores, such as at petrol stations, across Essex.
M&S said the impact of the pandemic has provided it with a strong opportunity to purchase new locations, with the group currently targeting six new stores in former Debenhams units.
The group has 254 full-line stores, which sell food and clothing, but it plans to reduce this to around 180 over the next 10 years, with some of these being replaced by food-only or purely clothing and home sites.
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The update came as M&S tumbled to a £201.2 million pre-tax loss for the year to March 27 after its clothing and home business was particularly hammered by pandemic restrictions
It follows a £67.2 million statutory profit in the previous year.
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.
“In addition, by going further and faster in our transformation through the Never The Same Again programme, we moved beyond fixing the basics to forge a reshaped M&S.
“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.”
The group also said it expects to be hit by between £42 million and £47 million in Brexit costs for the current year, particularly affecting its business in the Republic of Ireland and Northern Ireland.
The group told shareholders that total revenues dropped after this slump offset an improvement in its food operations.
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