LONDON (Alliance News) - Marks & Spencer Group PLC on Monday said it is closing its 12 small stores in Croatia, Slovenia, Bulgaria, Serbia and Montenegro, following a comprehensive review of its legacy store portfolio in the Balkans.
The clothing, food and homeware retailer said it will close the stores by May 2016.
"We are closely managing our international store portfolio to ensure it is fit for the future of M&S. We continue to focus on growing our successful business in Romania, Czech Republic, Poland, Slovakia and Hungary," an M&S spokesperson said.
"We do not take these decisions lightly and fully recognise the impact of this decision on our employees and customers in the Balkans," the spokesperson added.
Shares in M&S were trading down 0.3% at 490.80 pence Monday morning.
By Karolina Kaminska; karolinakaminska@alliancenews.com @KarolinaAllNews
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Marks & Spencer (MKS)