Britain's M&S to close stores as profits fall

London

BRITAIN'S Marks & Spencer (M&S) said it would shut stores at home and abroad, with its new boss seeking to cut costs as part of a revival plan that will reduce its UK clothing space and switch the business more towards food.

The retailer, whose shares have fallen 22 per cent so far this year, reported an 18.6 per cent slump in first-half profit and another fall in quarterly clothing sales.