Marks and Spencer may leave Hungary

The Marks and Spencer (M & S) UK retail network plans to leave ten foreign markets, including Hungary. The company stressed that this is a pre-proposal. Consultations on the implementation will begin in the countries concerned.

Chief executive Steve Rowe outlined plans to shut 53 stores across 10 international markets – including 10 in China and seven in France, while pulling out of Belgium, Estonia, Hungary and Lithuania – putting around 2,100 jobs at risk.

Details of the restructure came as it said underlying pre-tax profits fell 18.6 per cent to £231.3 million in the six months to October 1, while bottom-line profits crashed 88.4 per cent to £25.1million – down from £216million a year ago. (MTI, Kertész Róbert)