After a difficult Christmas trading period and a tough year in general, Marks & Spencer is to close its London distribution centre in Neasdon, with up to 380 jobs in jeopardy.
As part of CEO Steve Rowe’s five-year turnaround plan, M&S will leave its Neasden site in north west London and transfer the work to other sites.
Rowe has presided over many changes at M&S, including a programme of shop closures and a withdrawal from some international markets.
M&S has a large portfolio of stores which is seen by many City watchers as a major headache facing the company in terms of costs, as it owns more shops than most of its retail rivals.
The number of stores might not in itself be a major concern if trading numbers had proved highly robust but a steep fall in clothing sales compounded by disappointing festive trading in its food halls has taken its toll.