Marks & Spencer shuts down 7 stores in UK to reduce costs

Marks & Spencer (M&S) on Saturday shut down seven stores in the UK as a part of its plan to reduce costs by £350 million by 2021. M&S in May announced that it plans to close 100 stores by 2022. The company's CEO Steve Rowe claimed that 86% of staff from the closed stores have been relocated within the business.