M&S closes European stores

British high street chain Marks and Spencer is to close all its overseas stores the company announced on Thursday. The company made the move to halt falling sales and profits at its core UK operations. Chairman Luc Vandevelde told the BBC that the overhaul would affect 5,000 jobs, the vast majority of which are in continental Europe. In the official statement, M&S​says jobs directly hit by the changes total 4,390, with 1,040 in the UK, although "other reviews are underway".​ The changes follow a wide-reaching review of the business by M&S's new managing director, Roger Holmes, in an attempt to reverse the company's declining popularity. Latest trading figures for M&S show clothing and footwear declining by 6.5 per cent in the nine weeks to 24 March, although food and home furnishings showed strong growth over the previous year. The markets reaction to the announcement? By Thursday's close, shares in M&S had risen more than 7 per cent, from 249p to a nine-month high of 266.5p. Source:BBC