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LONDON, Nov 8 (Reuters) - Britain's Marks & Spencer said on Tuesday it would shut stores at home and abroad, withits new chief executive seeking to cut costs as part of arevival plan.
The clothing and food retailer said it would repositionabout 25 percent of its UK clothing and home space.
It will close about 30 full line UK stores and change around45 stores to only sell food. Other stores would be re-located.
The cost of the programme would be 50 million pounds ($62million) for the next three years, rising to about 100 millionpounds in years four and five.
M&S also plans to focus its international business on afranchise model, exiting its loss-making owned business across10 markets, at a cost of 150-200 million pounds over the coming12 month period, thereby eliminating annual losses of 45 millionpounds.
M&S also reported an 18.6 percent fall in underlying pretaxprofit for its first half to Oct. 1 of 231.1 million poundsalong with a 2.9 percent fall in second-quarter underlyingclothing sales. Like-for-like food sales were down 0.9 percent.($1 = 0.8060 pounds) (Reporting by James Daveym, editing by Paul Sandle)
