British Marks & Spencer is apparently planning to shut down its store on the Champs-Elysées in Paris. The announcement should arrive on 8 November, as part of a new restructuring plan.
Only open for 5 years
Its 1,400 sqm Parisian store opened in 2011 and was one the former CEO Marc Bolland's first (very expensive) projects, but the new CEO Steve Rowe wants to turn back the decision and shut down the store.
According to sources, the closure is part of a larger restructuring plan to cut costs. Its main office will eliminate 525 jobs and a scheduled store opening in Amsterdam was also cancelled. Investor pressure has forced the company to cut down Marks & Spencer's international branch. Many investors even want the company to turn its attention solely to the United Kingdom and pull out of every other market.
It is a stark contrast to Bolland's announcement 2 years ago, that he would open 250 new international stores, a sentiment Rowe obviously does not share.