GXO claims Wincanton takeover will not hurt UK food retailers
The world’s largest pure-play contract logistics operator (PPCLO), GXO, has argued that its intended acquisition ...
GM: SUPPLY CHAIN WOESMAERSK: ROTTERDAM TEMPORARY SUSPENSION OF OPERATIONSATSG: OWNERSHIP UPDATERXO: COYOTE FILLIP GONEGM: SUPPLY CHAIN HITBA: CUT THE FAT ON THE BONER: STEADY YIELDMAERSK: SELL-SIDE UPDATESDAC: TRADING UPDATE OUT SOONTSLA: FEEL THE PAIN IN CHINAWMT: GUESS WHATXPO: SURGINGAMZN: LOOKING FORWARDCHRW: PAYOUT UNCHANGEDWTC: NEW HIGH MAERSK: 'AFLOAT IN A SEA OF RISK' F: TARIFF TRAFFIC WARNING
GM: SUPPLY CHAIN WOESMAERSK: ROTTERDAM TEMPORARY SUSPENSION OF OPERATIONSATSG: OWNERSHIP UPDATERXO: COYOTE FILLIP GONEGM: SUPPLY CHAIN HITBA: CUT THE FAT ON THE BONER: STEADY YIELDMAERSK: SELL-SIDE UPDATESDAC: TRADING UPDATE OUT SOONTSLA: FEEL THE PAIN IN CHINAWMT: GUESS WHATXPO: SURGINGAMZN: LOOKING FORWARDCHRW: PAYOUT UNCHANGEDWTC: NEW HIGH MAERSK: 'AFLOAT IN A SEA OF RISK' F: TARIFF TRAFFIC WARNING
Marks & Spencer’s third-quarter results show little sign of reversing the firm’s declining fortunes, with a 5.9% year-on-year dip in non-food sales.
In the aftermath of this performance, chief executive Steve Rowe announced plans to close 30 stores and downsize a further 45 – a 25% reduction in the retailer’s floor space.
The closures will not just affect M&S’s UK business; 53 stores are set to be shut internationally, including 10 in China.
Mr Rowe plans to realign the company’s focus, with a drive towards the more-profitable food arm of the business – although even that recorded a marginal decline – with the opening of 200 Simply Food stores by 2019.
Investor reactions to the plans were lukewarm.
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