Marks & Spencer is set to speed up its turnaround plan by opening 104 new Simply Food outlets and closing 25% of its larger stores selling clothing and homeware.
The group said it is shutting 67 of its 'lower productivity, full line stores', but announced that it'll be launching new 'bigger and fresher' food shops.
The 67 closures are part of 110 that had been announced in 2019, but the acceleration of its plan is to save around £309m in rent costs, which includes an energy bill of £100m.
During the pandemic over 30 stores were closed as sales for homes and clothing were hit.
The overhaul will take place over the next five years, but company bosses have said they're aiming for it to be done in three years.