Tue, 02 Jan 2018 | BUSINESS NEWS
Marks & Spencer are looking to sell their Hong Kong and Macau stores as part of a company-wide turnaround.
The retailer will part with some of their key non-UK operations, 27 in total, but the stores will still keep the M&S name under the franchise arrangement. Dubai-based Al-Futtaim will take on the stores in the move that will see them with 72 outlets under the brand across the Middle East and Asia.
Just two months ago, M&S announced the closure of 30 of its UK stores, and the conversion of 45 more into food-only outlets in an effort to cut back on floor space devoted to its clothing ranges.
Chief executive Steve Rowe unveiled the turnaround plan, along with the closure of 53 loss-making overseas outlets, including in China, France and Belgium.
“We have substantially reshaped our international business, which has improved profitability and positioned us for growth,” said Marks & Spencer’s international director, Paul Friston. “As one of the world’s leading retail operators, with strong logistics capabilities and local expertise, Al-Futtaim is the ideal partner for us to develop and grow our business in Hong Kong and Macau.”
Indicative offers are required by 12:00hours on Monday 20 January 2020 with a view to completion shortly thereafter. The proposed Joint Administrators are seeking parties interested in the business and assets of a Company that trades as a recruitment...
LEASEHOLD
Offers and proof of funding sought by 17:00hours on Friday 24 January 2020. The Joint Administrators are seeking parties interested in the business and assets of a commercial contractor business based in the Midlands.
Provides highly skilled and professional hospitality staff across a variety of sectors. Recognised as both a preferred and top tier supplier for several of its prestigious clients. Supplying both temporary and permanent Nationwide staffing solutions....
LEASEHOLD
|
17
|
|
Jan
|
Sample book and shade card manufacturer acquired from administration | BUSINESS SALE
The business and assets of Yorkshire-based display products ...
|
16
|
|
Jan
|
Northgate and Redde shareholders approve merger | MERGER
The proposed merger of listed companies Northgate and Redde ...
|
15
|
|
Jan
|
SSE sells retail business to OVO Energy | DIVISION SALE
Power utility SSE has announced it has completed the sale of...
Sign up to receive our acquisition alert emails to get your FREE guide
|
18
|
|
Dec
|
High street clothing chain enters administration | ADMINISTRATION
A prominent high street clothing chain has collapsed into ad...
|
04
|
|
Sep
|
E-commerce company acquires beauty product manufacturer | BUSINESS SALE
In a deal valued at roughly £60 million, online retail...
Business Sale Report is your complete solution to finding great acquisition opportunities.
Join today to receive:
All this and much more, including the latest M&A news and exclusive resources