The company said they are in the “early difficult stages” of a revamp.
Marks & Spencer are set to close 110 stores across the UK.
The company has seen a 9.9 percent drop in pre-tax profits for the year to March 31 leading to the closure of 85 full stores and 25 Simply Food outlets.
During this time, M&S has also seen a 2.3 percent drop in sales in their food halls, and a 1.6 percent drop in clothing and homeware sales.
Share prices have fallen by 4 percent since the announcement was made.
Financial Times reports that M&S chief executive Steve Rowe said that while there has been “green shoots,” many areas of the company have been inconsistent over the past few years.
“We are deep into the first phase of our transformation programme and continue to make good progress restoring the basics and fixing many of the legacy issues we face,” he said.
“M&S is changing faster than at any time in my career – substantial changes across the business to our processes, ranges and operations and this has constrained this year’s performance, particularly in Clothing & Home.”
He added that the business is trying to make M&S “special again.”
This comes after Jamie Oliver’s restaurant business collapsed into administration.
The celebrity chef’s chain of Jamie’s Italian restaurants is the latest casual dining spot in the UK to file for insolvency after others have been forced into closures and restructures.
Oliver released a statement yesterday saying:
“I am deeply saddened by this outcome and would like to thank all of the staff and our suppliers who have put their hearts and souls into this business for over a decade. I appreciate how difficult this is for everyone affected.
“I would also like to thank all the customers who have enjoyed and supported us over the last decade, it’s been a real pleasure serving you.”
