A huge financial loss to Britain’s retailers.

Outlets relocated and lay off thousands of employees.

Muqeem Ahmad, London,

British retailer Marks & Spencer’s suffered an 88% drop in revenue last year, resulting in a loss of 201.21 million as of March 27.

According to data released by M&S, business activity remained positive at the beginning of the year and will improve in near future. Following this encouraging statement, Marks & Spencer’s shares rose to 6%.

According to the 137-year-old business, clothing and home appliances fell 31.5% last year, mainly due to the closure of all UK outlets during the lockdown. However, food sales remained 1.3% higher.

The heads of the companies have announced revolutionary changes in their business activities. These include the closure of non-profit stores, the use of information technology, the focus on e-commerce and the improvement of product quality.

In the next ten years, 30 stores will be closed and 80 stores will be relocated.

It should be noted that Marks & Spencer has so far relocated 59 stores to other locations and laid off thousands of employees.

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