Marks & Spencer to close Balkan stores
Marks & Spencer, the British retail giant that also has a large international presence, has announced that it is closing its 12 stores in Croatia, Slovenia, Bulgaria, Serbia and Montenegro by May 2016.
It will no longer have any stores in these markets. This comes after a comprehensive review of the company's store portfolio in the Balkans.
Though UK newspapers speculate that the move is related to growing tensions between the west and Russia, M&S simply states that the decision is in line with its strategy to focus on building a strong presence in its priority international markets. M&S is investing in its focus markets of Romania, Czech Republic, Poland, Slovakia and Hungary.
"We are closely managing our international store portfolio to ensure it is fit for the future of M&S. We continue to focus on growing our successful business in Romania, Czech Republic, Poland, Slovakia and Hungary. We do not take these decisions lightly and fully recognise the impact of this decision on our employees and customers in the Balkans," a M&S spokesperson said.
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